Dubai issues new law to regulate endowments and minors’ trusts

Dubai has launched a new law to regulate endowments and minors’ trusts as part of efforts to support the UAE’s vision for social development and welfare.

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, issued law No 17 of 2022 on the emirate's Endowments and Minors’ Trust Foundation, Dubai Media Office said in a statement on Thursday.

He also issued law No 18 of 2022, affiliating the Mohammed bin Rashid Global Centre for Awqaf and Endowment to the foundation.

Endowment programme to empower female entrepreneurs in the UAE

UAE takes initiative on Islamic endowments

Law No 17 of 2022 applies to the Awqaf and Minors Affairs Foundation, which was created pursuant to law No 9 of 2007, the statement said.

The name of the foundation will be changed from Awqaf and Minors Affairs Foundation to the Endowments and Minors’ Trust Foundation, Dubai Media Office said.

An endowment is a donation of money or property to a non-profit organisation, which uses the resulting investment income for a specific purpose, according to Investopedia.

The Awqaf and Minors Affairs Foundation was responsible for overseeing and monitoring the waqf establishment. Waqf is a charitable endowment under Islamic law.

The foundation registered 761 endowments at the end of 2021, representing a total value of Dh7.71 billion ($2.09bn). The registered endowments included charitable, progeny and joint endowments.

Real estate endowments comprised 700 of the total, while 61 were financial assets and stocks. Men accounted for 561 out of 761 endowments, while women contributed 130, and entities and institutions were responsible for 70 endowments, the foundation reported.

Women’s participation in endowment activity in the UAE experienced a marked increase last year. They played an important role in supporting the education and health sectors as well as empowering orphans and people of determination.

Women-led endowments included real estate, financial assets, stocks and in-kind donations.

Sheikh Mohammed pledged a Dh5bn endowment towards social and charitable goals throughout the Arab world in 2016 in tandem with the launch of the Mohammed bin Rashid Global Centre for Endowment Consultancy, which provided free advice to organisations on setting up endowments.

Both the new laws will be effective from the date of their publication in the Official Gazette, Dubai Media Office said.

The new law specifies the mandate, functions, responsibilities and organisational structure of the foundation.

It also outlines the foundation’s duties and responsibilities regarding the management of Sharia-compliant endowments and donations, with the exception of those generated by mosques.

The law lists the powers granted to the foundation to invest endowment funds in Sharia-compliant investments, the statement said. It also defines the foundation’s functions related to the management of minors’ funds.

A special register of wills created by the foundation will list those issued pursuant to a court decision or ruling.

Under the new law, endowments are exempted from fees, taxes and litigation fees, Dubai Media Office said.

Six large-scale objects on show

Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
The 17^th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
Frank Lloyd Wright’s 1930s Kaufmann Office
A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
Torrijos Palace dome

Transgender report

'I pretend I'm dumb so they can't hear my voice': Transgender Emirati on posing as a woman for work

'The person in the mirror was not me': Emirati tells of gender struggle from childhood to adulthood

Jebel Ali Dragons 26 Bahrain 23

Dragons
Tries: Hayes, Richards, Cooper
Cons: Love
Pens: Love 3

Bahrain
Tries: Kenny, Crombie, Tantoh
Cons: Phillips
Pens: Phillips 2

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

School uniforms report

UAE parents angry at rising cost of 'poor quality' school uniforms

Mina Al-Oraibi: Suleimani death casts a long shadow over decade ahead

Khaled Yacoub Oweis: Hezbollah bids to control Lebanon’s financial system

National Editorial: Hezbollah's murky dealings in Iraq have been unveiled

More from Neighbourhood Watch

A taste of tradition at RAK's old souq

Al Ghadeer, the Abu Dhabi satellite town that could be the future of transport

How old Dubai moved with the times but kept its heart

Killing of Qassem Suleimani

National Editorial: Suleimani has been killed, now we must de-escalate

Mina Al Oraibi: Air strike casts a long shadow over the decade ahead

Matthew Levitt: Iran retains its ability to launch terror attacks

Damien McElroy: A CEO tasked with spreading Iran's influence

Hussein Ibish: Trump's order on solid constitutional ground

Simon Waldman: Cautious Israel keeping a low profile

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat

On Women's Day

Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action

Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?

Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'

The National Editorial: Is there much to celebrate on International Women's Day 2021?

The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre

Pros%20and%20cons%20of%20BNPL

%3Cp%3E%3Cstrong%3EPros%3C%2Fstrong%3E%0D%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3EEasy%20to%20use%20and%20require%20less%20rigorous%20credit%20checks%20than%20traditional%20credit%20options%0D%3C%2Fli%3E%0A%3Cli%3EOffers%20the%20ability%20to%20spread%20the%20cost%20of%20purchases%20over%20time%2C%20often%20interest-free%0D%3C%2Fli%3E%0A%3Cli%3EConvenient%20and%20can%20be%20integrated%20directly%20into%20the%20checkout%20process%2C%20useful%20for%20online%20shopping%0D%3C%2Fli%3E%0A%3Cli%3EHelps%20facilitate%20cash%20flow%20planning%20when%20used%20wisely%0D%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%3Cstrong%3ECons%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3EThe%20ease%20of%20making%20purchases%20can%20lead%20to%20overspending%20and%20accumulation%20of%20debt%0D%3C%2Fli%3E%0A%3Cli%3EMissing%20payments%20can%20result%20in%20hefty%20fees%20and%2C%20in%20some%20cases%2C%20high%20interest%20rates%20after%20an%20initial%20interest-free%20period%0D%3C%2Fli%3E%0A%3Cli%3EFailure%20to%20make%20payments%20can%20impact%20credit%20score%20negatively%0D%3C%2Fli%3E%0A%3Cli%3ERefunds%20can%20be%20complicated%20and%20delayed%0D%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%3Cem%3ECourtesy%3A%20Carol%20Glynn%3C%2Fem%3E%3C%2Fp%3E%0A

COMPANY PROFILE

Name: ARDH Collective

Based: Dubai

Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi

Sector: Sustainability

Total funding: Self funded

Number of employees: 4

About Karol Nawrocki

• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.

• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.

• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.

• Met Donald Trump at the White House and received his backing.

What is an ETF?

An exchange traded fund is a type of investment fund that can be traded quickly and easily, just like stocks and shares. They come with no upfront costs aside from your brokerage's dealing charges and annual fees, which are far lower than on traditional mutual investment funds. Charges are as low as 0.03 per cent on one of the very cheapest (and most popular), Vanguard S&P 500 ETF, with the maximum around 0.75 per cent.

There is no fund manager deciding which stocks and other assets to invest in, instead they passively track their chosen index, country, region or commodity, regardless of whether it goes up or down.

The first ETF was launched as recently as 1993, but the sector boasted $5.78 billion in assets under management at the end of September as inflows hit record highs, according to the latest figures from ETFGI, a leading independent research and consultancy firm.

There are thousands to choose from, with the five largest providers BlackRock’s iShares, Vanguard, State Street Global Advisers, Deutsche Bank X-trackers and Invesco PowerShares.

While the best-known track major indices such as MSCI World, the S&P 500 and FTSE 100, you can also invest in specific countries or regions, large, medium or small companies, government bonds, gold, crude oil, cocoa, water, carbon, cattle, corn futures, currency shifts or even a stock market crash.

Manikarnika: The Queen of Jhansi

Director: Kangana Ranaut, Krish Jagarlamudi

Producer: Zee Studios, Kamal Jain

Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni

Rating: 2.5/5

While you're here

Mina Al-Oraibi: After 75 years, where does the UN stand?

Antonio Guterres warns of world's 'surplus of challenges'

UNGA 2020: Here's the UN General Assembly Schedule

ICC Women's T20 World Cup Asia Qualifier 2025, Thailand

UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final

While you're here

Mustafa Alrawi: To get the 'jab' done, there must be patience and empathy

Damien McElroy: Anti-science attitudes in America are proving lethal

Editorial: What makes the UAE such a good place to test vaccines?

Editorial: The fight against Covid-19 should be guided by science

Pathaan

%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Siddharth%20Anand%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Shah%20Rukh%20Khan%2C%20Deepika%20Padukone%2C%20John%20Abraham%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A