Today, social inclusivity and economic as well as environmental sustainability are at the heart of global discussions. However, one aspect that is often overlooked is the management of minors’ funds.
Minors, who due to unfortunate circumstances are left to face challenges, have a helping hand in the form of Minors’ Funds operated by organisations such as Awqaf Abu Dhabi, with the goal of securing their future.
As the apex entity managing the UAE’s endowments and minors’ funds, Awqaf Abu Dhabi provides a model of how such management should be conducted. The organisation’s approach protects the financial interests of minors until they are old enough to manage funds alone, and contributes to broader societal goals of inclusivity and sustainability.
In fact, one of the core responsibilities of the managers of minors’ funds is to act as custodians of the minors referred to by the courts, with a custodian appointed to look after them and the expenses after due diligence. Ensuring the financial well-being of the minors, keeping funds safe and helping it grow, minors’ fund management includes investing in safe options to maximise profit and minimise or eradicate loss.
By focusing on the financial security of minors, societies can promote inclusivity
In fact, this financial guardianship plays a pivotal role in shaping the future of vulnerable youth and, by extension, the society, as youth are the backbone of the community and ensuring their well-being from an early stage is a social imperative.
There are three core areas where minors’ funds management is of critical value.
First is the emphasis on financial security. When minors’ funds are properly and scientifically managed, we can ensure that they have financial security, and access to resources when they reach adulthood.
Second is the importance of social inclusivity. By focusing on the financial security of minors, societies can promote inclusivity, as they are assured of a secure future that fosters in them a sense of belonging and opportunity.
Third is the long-term economic sustainability. Effective management of minors’ funds drive sustainable returns, allowing funds to grow over time. This benefits individual minors and contributes to the overall economic prosperity of communities.
There are several examples from around the world that underscore the importance of managing minors’ funds. For example, in the US, the Uniform Transfers to Minors Act - or UTMA - provides a framework for managing minors’ assets. According to the National Conference of State Legislatures, the states have adopted some form of the UTMA, underlining its recognition as a crucial tool for protecting minors’ financial interests. The US Department of Education has also pointed out that this initiative has helped millions of children access educational opportunities that would otherwise be out of reach.
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Other global examples include the Government Pension Fund of Norway, which sets aside funds for children’s welfare programmes, while the South Africa Child Support Grant has contributed to reducing poverty rates.
In the Islamic world, the concept of guardianship of minors’ wealth is deeply rooted in religious and cultural traditions. According to the Islamic Financial Services Board, a significant portion of Islamic finance assets are dedicated to wealth management, including minors’ funds. This reflects the growing recognition of the importance of the financial stewardship of minors’ funds in the Arab world.
For people in the Arab world and beyond, gaining an understanding and supporting comprehensive minors’ funds management is crucial, as it is not only about financial security but also about creating a more equitable and sustainable future.
By ensuring that the next generation has the resources and knowledge to thrive, we are investing in the stability and prosperity of our societies. To further strengthen the support to these noble initiatives, it is important for all stakeholders, including government entities, civil society organisations, the private sector and individuals, to collaborate and extend their commitment to agencies that work towards protecting minors’ interests.
The management of minors’ funds is far more than a financial exercise. It is a remarkable tool for promoting social inclusivity, ensuring sustainability, and shaping the future of our societies.
As the world faces challenges ranging from economic inequality to climate change impact, effective minors’ funds management helps protect the financial future of our youth, and in turn, protect the future of our coming generations.
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Killing of Qassem Suleimani
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'Outclassed in Kuwait'
Taleb Alrefai,
HBKU Press
Our Time Has Come
Alyssa Ayres, Oxford University Press
Look north
BBC business reporters, like a new raft of government officials, are being removed from the national and international hub of London and surely the quality of their work must suffer.
UAE currency: the story behind the money in your pockets
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Scoreline
Bournemouth 2
Wilson 70', Ibe 74'
Arsenal 1
Bellerin 52'
UAE currency: the story behind the money in your pockets
At a glance
- 20,000 new jobs for Emiratis over three years
- Dh300 million set aside to train 18,000 jobseekers in new skills
- Managerial jobs in government restricted to Emiratis
- Emiratis to get priority for 160 types of job in private sector
- Portion of VAT revenues will fund more graduate programmes
- 8,000 Emirati graduates to do 6-12 month replacements in public or private sector on a Dh10,000 monthly wage - 40 per cent of which will be paid by government
Titan Sports Academy:
Programmes: Judo, wrestling, kick-boxing, muay thai, taekwondo and various summer camps
Location: Inside Abu Dhabi City Golf Club, Al Mushrif, Abu Dhabi, UAE
Telephone: 971 50 220 0326
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
'Ashkal'
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THE SPECS
Engine: 3.5-litre supercharged V6
Power: 416hp at 7,000rpm
Torque: 410Nm at 3,500rpm
Transmission: 6-speed manual
Fuel consumption: 10.2 l/100km
Price: Dh375,000
On sale: now
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
In numbers
- Number of children under five will fall from 681 million in 2017 to 401m in 2100
- Over-80s will rise from 141m in 2017 to 866m in 2100
- Nigeria will become the world’s second most populous country with 791m by 2100, behind India
- China will fall dramatically from a peak of 2.4 billion in 2024 to 732 million by 2100
- an average of 2.1 children per woman is required to sustain population growth
Vaccine Progress in the Middle East
Biog:
Age: 34
Favourite superhero: Batman
Favourite sport: anything extreme
Favourite person: Muhammad Ali
