UAE's AMAF and IDB sign agreement to enhance collaboration

DUBAI, 24th January, 2017 (WAM) -- The Awqaf and Minors Affairs Foundation, AMAF, has signed a Memorandum of Understanding, MoU, with the Islamic Development Bank, IDB, to step up collaboration in areas related to endowment services and investments with a focus on supporting development goals and enhancing the prosperity of Muslim societies. The agreement is in line with the foundations efforts to boost endowment work worldwide.

Tayeb Al-Rais, Secretary-General of AMAF, and Dr. Bandar Al Hajjar, Chairman and President of IDB, signed the MoU at IDBs headquarters in Jeddah in the presence of senior officials from the bank.

As per the agreement, the two parties will work towards maximising the availability of Islamic banking services to the endowment sector. AMAF and IDB are mandated to expand investment collaboration and exchange expertise in the field of awqaf, as well as build strategic relations in the endowment finance sector.

AMAF and IDB will also explore the possibilities of forging endowment partnerships and engaging third parties in endowment projects. In addition, they will join forces in raising awareness about the role of sharia-compliant finance and banking in stimulating endowment investments. Other areas of cooperation include building successful marketing strategies and providing advanced endowment tools for banking, finance, and investment.

Speaking on the agreement, Mr. Al-Rais said, "Based on the common goals of our two entities, the MoU provides a foundation for developing synergies to help improve the welfare of Muslim communities. We will also coordinate to establish a solid endowment network that can handle future challenges." Mr. Al Hajjar said, "The Islamic Development Bank is keen to leverage the expertise of various institutions in our 57 member countries to help achieve our common goals eliminating poverty and boosting the Islamic finance industry. Towards this objective, we focus on researching and developing several areas of Islamic economy, including endowment."