Sheikh Mohammed bin Rashid issues law on endowments
The law will support the country's vision regarding charity and humanitarian efforts
A law that sets out the management of endowments and outlines a structure for charitable activities was issued by Sheikh Mohammed bin Rashid on Sunday.
“Endowments are a development tool for communities and have played a historic role in development at the Arab and international level,” the Vice President and Ruler of Dubai said.
The law aims to support the country’s vision regarding charity and humanitarian efforts, establishing a comprehensive and modern legal framework that responds to the needs of the community.
It also aims to promote Awqaf and endowments, reported state news agency Wam
The law authorises Dubai’s Awqaf and Minors Affairs Foundation to issue licenses for waqf establishment in collaboration with the Mohammed bin Rashid Global Centre for Endowment Consultancy.
The Awqaf and Minors Affairs Foundation is also responsible for overseeing and monitoring the waqf establishment.
Under the new law, the Mohammed bin Rashid Global Centre for Endowment Consultancy aims to support Dubai’s vision to become a global humanitarian hub, enabling waqf and endowments to match various local, regional and international developmental needs.
The law will be published in the Official Gazette and considered valid from the date of issuance.
Updated: October 29, 2017 08:58 PM