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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Read More

Egypt COVID wave: 1,121 new cases with 13 deaths

The recent update provided by the Egyptian Ministry of Health notes that a total of 1,121 new cases of the novel coronavirus were recorded by the healthcare facilities in the past 24 hours, as of Friday, March 4.

Emirates to continue to fly to Heathrow but agrees not to sell more tickets

Emirates will persist to fly to Heathrow but has compromised not to sell additional tickets till the mid of August due to delays and disruptions at Europe's busiest airport.

Saudi Arabia: Patients recovered from COVID eligible to instantly take booster jab

Now in Saudi Arabia, individuals will be able to get their dose of the booster jab soon after they recover the deadliest COVID-19 virus,...

Recent

UAE: Dubai Central Laboratory launch service to detect gluten in products

The Dubai Central Laboratory (DCL) has developed a technology that will be detecting gluten in various food products with the use of Enzyme-Linked Immunosorbent Assay (ELISA) technology. This was announced by the Dubai Municipality on Tuesday, 17 May. 

Dubai: Unknown man arrested for lying comfortably on roads with pillow

A man was seen lying comfortably with his pillow on the busy roads of Dubai on Wednesday; Dubai Police arrested the unknowing man for disturbing and causing traffic across the area.

Air India boosted Dubai to Delhi flights amid rising demand from passengers

India's flagship carrier Air India has increased its capacity in Dubai, United Arab Emirates, announced the airline on Thursday, June 30.