10 January 2017
Dubai, UAE – The Awqaf and Minors Affairs Foundation (AMAF) announced the expenditure of the entire amount of its five endowment funds estimated at AED49 million in 2016. AMAF’s endowment funds are categorized under Islamic affairs, social affairs, healthcare, education, and righteousness and piety.
The Islamic affairs endowment fund ranked first in expenditure – disbursing AED41.3 million during 2016, representing approximately 84 percent of the overall budget for the year. AMAF further designated a sum of AED4.4 million towards the causes of righteousness and piety (making up about nine percent of the total spend), followed by AED1.6 million (three percent) towards social affairs, AED1.3 million (three percent) towards healthcare, and AED700,000 (one percent) towards education.
His Excellency Khaled Al Thani, Deputy Secretary General of AMAF, said: “In line with the directives of our wise leadership, our Foundation manages, invests and spends endowment funds to address and resolve some of the most pressing social challenges. As part of our efforts to reinforce the leading position of Dubai and the UAE in charitable and humanitarian work, we are keen to finance initiatives that align with our vision and goals, and enhance social solidarity.”
He added: “We normally direct 40 percent of all AMAF’s revenues towards reconstruction projects and 60 percent towards our endowment funds that are used in accordance with the donors’ specifications and comply with the noble objectives of Islamic sharia. Our annual plan for 2016 allocated the total spend towards helping those social segments that were most in need. We have no doubt that our contribution made a significant difference to the lives of thousands of people in the UAE and around the world.”
In addition to the five main endowment funds, AMAF also manages private funds. Among the most notable ones is the endowment of the late Mohammad Ahmad Beghlaf, which supports diverse religious, healthcare, social and humanitarian initiatives across the globe.
About AMAF (www.amaf.ae)
Awqaf and Minors Affairs Foundation (AMAF) was established by the issue of law No. 6 in 2004 by His Highness the late 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 of the UAE and Ruler of Dubai issued law No. 9 in 2007 strengthening the work of the institution.
AMAF oversees the welfare of nearly 2,400 minor children through the development of ‘waqf’ (trust funds) that provide for their support and the care of their affairs, according to Shari’a principles through a well-structured long-term plan, conscious vision and insight.
For farther details, please contact:
Aliaa Al Ori
© Press Release 2017
© Copyright Zawya. All Rights Reserved.