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.
Today I issued Dubai's new endowment law, aiming to promote endowment as a development tool and provide effective regulation to support it. pic.twitter.com/OAznVoA3MO
— HH Sheikh Mohammed (@HHShkMohd) October 29, 2017
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.
