The Awqaf and Minors Funds Management Foundation (AMAF) in Dubai has distributed profits totaling Dh30.4 million from investments made on behalf of minors and those under guardianship. This aligns with the foundation's core mission of safeguarding and investing the funds of minors.
The profits were allocated to 2,263 minors and their guardians, marking a 13% rise from the Dh26.7 million distributed in fiscal year 2023. Ali Mohammed Al Mutawa, Secretary-General of AMAF, emphasized the foundation's dedication to following the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, by managing the funds of minors and their guardians effectively and investing them wisely to support this demographic while protecting their interests.
Al Mutawa highlighted that the foundation has seen a significant annual increase in investment returns compared to previous years, which includes investments in real estate, commercial ventures, and financial shares. This growth in profits underscores the foundation's efforts to preserve minors' funds without risking the capital, while also advancing these investments in accordance with Sharia principles.
The foundation's financial assets are invested in several government-owned public joint-stock companies, such as Parkin, Salik, Dubai Electricity and Water Authority (DEWA), and other successful public entities. Al Mutawa noted that the foundation aims to expand its investments and explore new avenues for organizing and developing minors' projects to enhance financial returns and minimize expenses, ensuring optimal management of minors' funds and efficient spending, all while ensuring that investment returns reach their beneficiaries in collaboration with relevant authorities.
By the end of 2023, the financial results for the balances managed by the foundation for minors and their guardians amounted to Dh1.015 billion, comprising bank deposits, real estate portfolios, commodity and product portfolios, and real estate investments.
The Law of Awqaf and Minors’ Funds Management Foundation in Dubai, No. (17) of 2022, outlines several key objectives, including contributing to the UAE's development vision, enhancing the well-being and happiness of its citizens, and fostering a contemporary Islamic and social perspective on endowments. The law also encourages charitable individuals to revive and strengthen endowments as a virtuous tradition. Other objectives include caring for, preserving, managing, and investing endowment assets to achieve their lawful purposes, as well as enhancing the role of endowments, gifts, and wills to advance society and foster social solidarity among its members.
Source link: https://www.khaleejtimes.com
