New endowment law will make charity work easier in UAE

Dubai - The Endowment Law has special directives for the establishment of endowment institutions.

The UAE leads the world in issuing laws and laying down foundations to turn individual and corporate charity work into a daily and collective practice, a top official said on Sunday.
Addressing a Press conference in Dubai on Sunday, Tayeb Al Rais, secretary general of Amaf, said: "The new Endowment Law (Law No. 14 of 2017) that has come into force is a call to action and inspiration for individuals and institutions, paving the way for a new phase of development in the UAE society."
The law that was approved by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai in October, provides a "comprehensive and modern legal framework for the licensing and mechanism of endowment institutions".
As per the law, the Awqaf and Minors Affairs Foundation (Amaf) is mandated to receive all necessary documentation from endowment bodies that wish to formally register themselves and be a part of the wider Waqf infrastructure.
The foundation will carry out a careful review of the documentation and issue Waqf licences to the applicants within 10 working days, and submit the licences received to the Mohammed Bin Rashid Global Centre for Endowment Consultancy (MBRGCEC). The centre, in turn, will issue the Dubai Endowment Sign to the concerned bodies, enabling them to operate as full-fledged endowment institutions and carry out their humanitarian, cultural, scientific and developmental agendas.
Al Rais added: "The Endowment Law has special directives for the establishment of endowment institutions. Licensed by AMAF, these institutions will enjoy independence in the management of their financial affairs within the framework of the licensing rules and regulations as well as the prevailing governance system of endowment institutions. Amaf will monitor these institutions to ensure they achieve their goals and remain committed to this law and preceding laws pertaining to endowments."
Dr Hamad Al Hammadi, secretary general of MBRGCEC, said due to the Dubai leadership's Waqf initiatives, the endowment sector has gained a vital social status. "For example, we have medical research, environmental programmes, and culture-related programmes for children that are all funded by the Waqf.
"The innovative endowment sector launched by Sheikh Mohammed and strengthened through this new law offers an opportunity for private sector institutions of all sizes to deploy endowment initiatives that contribute to the development of our society."
reporters@khaleejtimes.com  

• Dubai