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Dubai: Sheikh Hamdan announces launch of new project to support charity initiatives
Through ‘Endowment Sukuk’ individuals, companies can contribute to health, educational and humanitarian programmes
The Dubai Crown Prince has announced the launch of an ‘Endowment Sukuk’ that individuals and companies can contribute to. Proceeds from the project will go towards health, educational and humanitarian projects.
It will start at Dh100 million, announced Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.
“Dubai is a pioneer in launching innovative initiatives not only in the economic and development sectors, but also in the humanitarian field. The Endowment Sukuk will support companies’ contributions in charity projects,” tweeted Sheikh Hamdan.
With an initial contribution of Dh100 million from endowment funds and bonds, the initiative is based on the permanent endowment of donated funds, according to a mechanism that allows endowers to support charitable and humanitarian goals, while ensuring the complete preservation of assets.
The proceeds of the endowment will be transferred semi-annually to the Mohammed Bin Rashid Global Centre for Endowment Consultancy (MBRGCEC) and will be spent on humanitarian projects managed by the Awqaf and Minors Affairs Foundation all over the UAE.
The initiative features Shariah-compliant endowment bonds of two types; permanent and temporary. The temporary bonds belong to three categories depending on their terms - one year, three years and five years.
The bonds that can be issued for both individuals and institutions feature expected returns as high as 3.5 per cent. They also offer full protection of the original capital, whether it is for a permanent endowment on which there is no zakat, or a temporary endowment, which is not subject to zakat during the endowment period. Companies whose contributions are worth Dh1 million or more will be awarded the Sukuk Al Waqf Sign.
Individuals can buy bonds starting from Dh1,000, while companies can buy bonds starting from Dh10,000. The funds of the Sukuk Al Waqf endowment bonds will be used for charitable contributions according to the choice of the donor in areas as diverse as social affairs, health, education and general charity.
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