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DIFC Investments, DIB to start Waqf Trust Services
DUBAI — DIFC Investments and Dubai Islamic Bank (DIB) announced that they have initiated a project to establish 'Waqf Trust Services' offering shariah-compliant trust services, which will operate from the Dubai International Financial Centre (DIFC), upon approval from the Dubai Financial Services Authority (DFSA).
The company is set to operate along the guidelines of the 'Trust Law of 2005', enacted by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. The law is primarily intended to ensure the proper succession and preservation of lineage while allowing families to manage their wealth in such a way as to guarantee the rightful disbursement of their inheritance while maintaining a strict adherence to Shariah guidelines.
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