Foundation Adds 2513 Waqf Units Within Eight Years

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Total value of Awqaf and Minors Affairs Foundation's investments, endowment assets touch Dh750 million.
An artist’s impression of one of the waqf units managed by the Awqaf and Minors Affairs Foundation. — Supplied photo

The Awqaf and Minors Affairs Foundation (AMAF) has seen a significant increase in the number of waqf or endowed units, taking the value of the foundation’s total investments and waqf assets to Dh750 million. The number of waqf units under the AMAF management has grown from 1,025 units — worth Dh43 million — in 2006 to 3,538 units, worth over Dh153 million, in 2013.

Tayeb Al Rais, secretary-general, AMAF, said: “The concept of waqf has always played an important role in human development and has been essential to the development of the Islamic civilisation,” he said.

The AMAF has consistently focused on this Islamic concept by working to achieve sufficient financial returns while maintaining the units, he said.

The Khalifa Al Tajer Mosque, popularly known as ‘The Green Mosque’, was inaugurated in the holy month of Ramadan this year to become the first eco-friendly mosque in the Islamic world.

“Four projects worth Dh70 million are in the final stages of development, including the region’s first waqf community — Family Village — which will offer complete family care to orphans,” he said, noting that construction work on additional projects valued at Dh71 million have also begun.

Al Rais said the AMAF’s Investment Management division aims to maximise value while minimising asset expenditure. “The organisation also works on increasing investment returns, developing asset partnerships and elevating the management of waqf projects and assets. The AMAF’s role is most evident in its commitment to ensure asset quality, develop investment policies and improve service levels.”

Speaking to Khaleej Times, Al Rais said the foundation has introduced new online services to facilitate the process of communication with donors. “All interested contributors can choose to donate via SMS to the Family Village project. Subscribers of Etisalat and du who wish to donate can send a text message to 7710 to donate Dh10; or to 7750 to donate Dh50; or to 3100 to donate Dh100.”

source: http://www.khaleejtimes.com/kt-article-display-1.asp?xfile=data/nationgeneral/2014/September/nationgeneral_September16.xml&section=nationgeneral

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