UAE: Sheikh Hamdan announces new project, ‘Endowment Sukuk’ to support charity initiatives

The Crown Prince of Dubai has declared the launch of an 'Endowment Sukuk' to which companies and individuals can make their contributions. Funds from the project will go towards educational, health and humanitarian projects.

The Crown Prince of Dubai has declared the launch of an ‘Endowment Sukuk’ to which companies and individuals can make their contributions. Funds from the project will go towards educational, health and humanitarian projects.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum announced that it would start from Dh100 million.

Advertisement

Sheikh Hamdan tweeted, “Dubai is a pioneer in establishing creative initiatives in the economic and development sectors and also in the humanitarian field. The Endowment Sukuk will aid companies’ contributions in charity projects.”

The company or individual will require to make an initial contribution of Dh100 million from endowment bonds and funds. The initiative is based on the enduring endowment of donated funds, as per the mechanism that allows endowers to support humanitarian and charitable goals while also ensuring the complete preservation of assets.

The proceeds from the endowment will be transferred semi-yearly to the Mohammed Bin Rashid Global Centre for Endowment Consultancy (MBRGCEC). They will be used up for projects related to humanity managed by the Awqaf and Minors Affairs Foundation around the UAE.

The initiative also features Shariah-compliant endowment bonds of two kinds; temporary and permanent. The temporary bonds further belong to three categories depending on their tenure- one year, three years or five years.

Both institutions and individuals can issue the bonds feature expected returns as high as 3.5%.

Moreover, they also provide full protection of the original investment, whether it is a temporary endowment or permanent. Companies whose contribution will be Dh1 million or more than that will be honoured with Sukuk Al Waqf Sign.

Advertisement

Individuals can purchase bonds starting from Dh 1,000, whereas companies can buy bonds starting from Dh10,000.

The funds of the Sukuk Al Waqf endowment bonds will be utilised for charitable donations as per the donor’s choice in areas as diverse as social affairs, education, health and general charity.

Tariq Saeed

Read More

Mona Kattan shares picture of Grand launch party of ‘Vanilla Royale’

Founder and owner of the world-famous brand 'Kayali', Mona Kattan, recently shared that she can't believe it's been two weeks since 'the 11th Vanilla Royale' of Kayali fragrance was launched.

Dubai: Jafza held a groundbreaking ceremony at new logistics park

Jebel Ali Free Zone (Jafza), which is the DP World's leading trade and logistics hub, organised a groundbreaking ceremony for the first phase of its recent "Jafza Logistics Park" and is planned to be completed by 2023.

Saint Lucia: PM Philip J Pierre welcomes New Year

Philip J Pierre, The Prime Minister of Saint Lucia, while welcoming the new year of 2024, extended congratulations to citizens. He recalled the important memories of the previous year on this occasion.

Recent

St Kitts: Attorney Damian Kelsick appoints as Head of Majesty Council

Damian E.S Kelsick of the renowned Law Firm of St Kitts and Nevis, Kelsick, Wilkins and Ferdinand, dated December 19 2022, has been designated as the Head of the Majesty Council and is now acknowledged as the Damian Kelsick KC.

DUBAI: Asian ex-pat sentenced to 2 yrs imprisonment on count of stabbing and robbing

The Dubai Criminal Court has announced a sentence of two years for a 35-year-old Asian national who robbed and assaulted another Asian. The accused will be deported after he serves his sentence period.

Abu Dhabi Police celebrates first batch of ‘Police Station Managers’ courses

The Saif Bin Zayed Academy for Police Sciences and Security at the Abu Dhabi Police General Command celebrated the first batch of officers participating in the "Police Station Managers" courses held in the United States of America.
admin