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• Foundation Currently Manages Assets Valued at AED2.5 billion, Oversees 1,837 Waqf Units and Accounts for AED26 Million in Donations
• Identifies New Ways of Raising Funds in 2015 via Electronic Applications and Donation Stands in Malls
Dubai - Awqaf and Minors Affairs Foundation (AMAF) registered an exceptionalperformance in 2014 with a significant increase in its managed assets and donations, as well as the waqf units under its purview, today announcedHis Excellency Tayeb Al Rais, Secretary General of AMAF.
Briefing media representatives at AMAF's headquarters in Al Nahda area, His Excellency Tayeb Al Rais, said: "The total assets that AMAF manages today amount to AED2.5 billion, compared to only AED200 million when the Foundation was established a decade ago. Also, while we managed 1,025 waqfunits in 2006, today we are handling1,837 such units with revenues from the units reaching AED88 million. These revenues are the backbone of our waqfexpenditures, and reflect our success in promoting the vital role of waqf in the society."
He added: "AMAF managed to raise AED26 million in donations in 2014 compared to only AED9 million in 2013. The donations came from six different sources. Direct donations in 2014 were valued at AED23.7 million, while AMAF's donation boxes raised a further AED9,47,000.In addition, SMS donations contributedAED2,89,000, and donation vouchers brought inAED4,05,000. Government entities added further value bydonatingAED2,50,000to AMAF, withthe total tally shored up with an allocation of AED3,24,000 by Noor Bank."
Al Rais revealed that the Foundation has also identified and adoptedtwo new ways to raise donations in 2015 - via AMAF's electronic application process and the donation stands/kiosks embedded within high-footfall malls in the emirate. Al Rais commended the altruisticgesture oftwo of the donors - the late Hamel Al Ghaith and Ahmad Al Ansari -who donatedfive land banks valuedat AED56 million to the Foundationto establish waqf buildings.
Atthe meeting, Al Rais elaborated that AMAF has also obtained ownership of 80 new waqf units in 2014 that were not registered in its records previously following arbitration procedures by Dubai Courts. The Foundation additionally received 23 new units from the Dubai Land Department.
Tayeb Al Rais explained that AMAF has allocated the total funds of AED38 million generatedacross diverse waqf expenditures. Expenditure on Islamic affairs was awarded AED32.6 million, accounting for lion's shareof the revenue. The rest was equitably distributed among social affairs, education, healthcare, and to support righteousness and piety.
Commenting on the global waqf assets, Al Rais said: "The total value of global waqf assets exceeded US$1 trillion in 2014. Severalorganizations and corporations manage these assets through multiple asset models in the UAE and in countries such as the United states and Australia. AMAF will train its focuson leveraging a sustainable asset management model to expand its operations in this critical area."
During his meeting with media personnel, Al Raisreiterated AMAF'songoingendeavors to offer innovative ways to meet the social and humanitarian needs of society and evolve as a global model in developing the waqf concept. He pointed outthat the Foundation will focus on education and healthcare in the coming years in line with the Dubai Government vision and the national agenda of the UAE Vision 2021.
Among AMAF's key projects in 2014, Al Rais said the Foundation had successfully launched the Green Mosque, which is the first eco-friendly mosque in the Islamic world, and the Family Village project, a first-of-its-kind project for orphans in Dubai and the Middle East. Family Village is a sustainable project with five commercial and residential waqf buildings funding the project's operations. The waqf-donated buildings help generate sustainable revenue streams toenable AMAF to achieve complete financial independence for the day-to-day operations of the Family Village.
Al Rais added that the Salma relief project that was launched during the Holy Month ofRamadan last year by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai was selected by the UN's World Food Programme todistribute 200,000 halal certified, nutritious meals to victims of war and natural disasters around the world by the end of 2014.
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About AMAF
The birth of the Awqaf and Minors Affairs Foundation (AMAF) came with the issue of law No. 6 in 2004 during the era of the late His Highness Sheikh Maktoum bin Rashid Al Maktoum. With the expansion of the institution in its work and functions, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister and Ruler Dubai issued law No. 9 in 2007 organizing the work of the institution, to ensure the provision of a conducive environment for greater achievements in the development of 'awqaf' and minors' funds, and the care of their affairs, according to a well-aimed plan, and a conscious vision and insight.
The main objective of the establishment of AMAF stemmed from Government of Dubai's keenness to embrace and care for minors, invest their money, and provide them with rehabilitation. The institution set its eye on becoming a global role model in the development of the 'waqf' and rehabilitation of minors.
In order to achieve its strategic objectives for the institution, AMAF is keen to nurture talent and provide an environment full of creativity, excellence and teamwork in order to improve the quality of daily transactions to consolidate the credibility in the minds and hearts of its team and people it works with.
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© Press Release 2015
