UAE: 8 projects to be launched to support charitable asset investments
Under the Emirates Endowment, eight projects are set to be launched across the country in order to support investment and community contributions in Waqf assets, as the authority concludes its study and design phases.
Waqf refers to properties that are donated by Muslims for religious or charitable purposes. These may include mosques, schools, graveyards, orphanages, hospitals and even vacant plots. The Awqaf has launched a campaign to promote projects under the Emirates Endowment.
The newly-launched campaign intends to spread 80 per cent community awareness of the Sunnah of Waqf, increase Waqf revenues by 10 per cent compared to last year, and achieve a return of Dh150 million from existing endowment projects, and Dh233 million for the construction of new projects.
This campaign aligns with the aspirations of the UAE's Year of Community in presenting Emirates Endowment projects as a preferred and trusted avenue for charitable contributions in the country.
Earlier this year, Abu Dhabi issued a new resolution on the establishment and licensing of endowment institutions in the emirate. The resolution provides a framework for the creation and administration of endowment companies, covering aspects such as legal status, permitted activities, and licensing requirements.
The resolution also introduces robust monitoring and supervisory mechanisms to enhance governance and accountability within the sector.
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