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

Dubai issues new law to regulate endowments and minors’ trusts


Deepthi Nair
  • English
  • Arabic

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.

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.

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

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INFO

Visit www.wtatennis.com for more information

 

The years Ramadan fell in May

1987

1954

1921

1888

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How has net migration to UK changed?

The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

War and the virus
Cricket World Cup League 2

UAE squad

Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind

Fixtures

Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE

RESULT

Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Conflict, drought, famine

Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.

Band Aid

Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.

Updated: October 20, 2022, 3:13 PM`