– A partnership between the Mohammed bin Rashid Center for Endowment Consultation and National Bonds .. Dubai launches charitable endowment bonds and allocates their proceeds to spend on humanitarian projects while preserving their assets, starting with 100 million dirhams.
The sukuk translates the “global vision of endowment” launched by Mohammed bin Rashid to revive the endowment as a development tool for societies.
Hamdan bin Mohammed: – Dubai is a pioneer in launching qualitative initiatives not only in the economic and development fields, but also in the charitable and humanitarian fields.
The “Waqf Sukuk” initiative consolidates Dubai’s global position and leadership in the field of charitable and humanitarian work.
The initiative promotes the values of solidarity and compassion among members of society, and supports the promotion of corporate social responsibility principles.
————————————————– ——————– ——————————- —————————————- ———- —- Endowment Sukuk: – Transferring the Sukuk proceeds to be spent on health, educational and humanitarian projects through the Awqaf and Minors Affairs Foundation.
Sukuk are compatible with the provisions of Islamic Sharia and allocate funds to support charitable causes at the state and international levels.
– Sukuk allows the shareholder to choose the endowment bank and supports education, health, social affairs and charitable projects in society.
Two types of issues: temporary / every year, 3 or 5 years / and permanent, between which the shareholder chooses.
The sukuks enjoy full protection over the original capital and an expected return of up to 3.5 percent.
Profits are paid every 6 months and transferred to support and finance endowment projects selected by the shareholder.
The bonds are available for individuals starting from 1,000 dirhams, and for companies starting from 10,000 dirhams.
DUBAI, 12th April, WAM/ The Mohammed bin Rashid Global Center for Endowment and Endowment Consultation announced the launch of “Waqf Sukuk” as a qualitative initiative in the field of endowment, in partnership with the Endowment and Minors Affairs Foundation in Dubai and the “National Bonds” company.
The launch of the new endowment initiative, which is the first charitable endowment of its kind in the region available to individuals and companies, comes in implementation of the global vision of endowment launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to revive The endowment as a development tool for societies, as the initiative allows, through an innovative, unique and flexible endowment, for all segments of society to become an active and influential element in promoting giving and participating in a cycle of continuous good.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, praised the Endowment Sukuk initiative launched by the Mohammed bin Rashid Global Center for Endowment and Endowment Consultation, stressing that “The Endowment Sukuk initiative consolidates Dubai’s global position and leadership in the field of charitable and humanitarian work. It also promotes the values of solidarity and compassion among members of society, and supports the promotion of corporate social responsibility principles.
His Highness continued, “Dubai is a pioneer in launching qualitative initiatives not only in the economic and development fields, but also in the charitable and humanitarian fields.”
The initiative, which will start with a contribution of 100 million dirhams from endowment funds and sukuk, depends on the temporary or permanent endowment of the money, according to a mechanism that allows endowers to support charitable or humanitarian goals, while ensuring the complete preservation of assets.
Profits on endowment bonds will be transferred periodically every six months to the Mohammed bin Rashid International Center for Endowment and Endowment Consultation, to manage the distribution of revenues to charitable projects selected by the endowment, which is managed by the Endowments and Minors Affairs Foundation in Dubai, in accordance with the provisions of Islamic Sharia. Allocating funds to support charitable causes at the state level.
Endowment sukuks are distinguished by the availability of two versions of this type of sukuk, each of which enjoys many privileges and specifications: a “permanent endowment,” where the money allocated by the endowment to participate in the initiative is permanently endowed, and a “temporary endowment,” which includes 3 categories, according to The period of endowment determined by the endower, between one year, three years, or five years.
This innovative type of sukuk, which can be issued in the name of individuals or institutions, is also characterized by high expected returns that may reach 3.5%, with full protection of the original capital, both for the permanent endowment that is not subject to zakat at all, or the temporary endowment, which is not zakat During the endowment period, participating companies with a value of one million dirhams or more will be able to obtain the Dubai Endowment Mark.
All individuals can participate in the initiative by purchasing “endowment bonds”, starting from 1,000 dirhams, while various companies and institutions can also participate in purchasing “endowment bonds”, starting from 10,000 dirhams.
Multiple banks for charity.
Banks of “endowment bonds” funds are directed to charitable deeds, according to the choice and desire of the endower, as the initiative allows shareholders to many aspects of banks, all of which are in the framework of charitable work, including: “Social Affairs Bank”, which guarantees the endowment of funds in a savings account and the transfer of proceeds to support Orphans, widows and people of determination, and the “Health Bank”, which guarantees the endowment of funds in a savings account, and the transfer of proceeds to treat patients and support research, and the “Education Bank”, and this bank guarantees stopping funds in a savings account, and benefiting from the proceeds to support education. As for the Pan-Khair Bank, it guarantees the transfer of the proceeds of the money endowed in a savings account in favor of endowing food, watering and all-goodness.
It is noteworthy that the Mohammed bin Rashid Global Center for Endowment and Endowment Consultation is a global initiative to revive the endowment launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum in the year 2016. and endowments to meet the social needs of peoples, and to create a clear legislative environment for endowments and environments. The center’s strategy is for Dubai to be a global center for stimulating and empowering endowments and endowments to serve humanity, through a vision that adopts the best international practices in establishing and managing endowments and endowments institutions, and monitoring the urgent need for endowments and endowments Enable crowdfunding of endowments and endowments.