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Awqaf and Minors Affairs Foundation spends AED 49 million in 2016Awqaf and Minors Affairs Foundation spends AED 49 million in 2016

Awqaf and Minors Affairs Foundation spends AED 49 million in 2016

The Awqaf and Minors Affairs Foundation (AMAF) announced the expenditure of the entire amount of its five endowment funds estimated at AED 49 million in 2016.

AMAF’s endowment funds are categorised under Islamic affairs, social affairs, healthcare, education, and righteousness and piety.

The Islamic affairs endowment fund ranked first in expenditure – disbursing AED 41.3 million during 2016, representing approximately 84 per cent of the overall budget for the year. AMAF further designated a sum of AED 4.4 million towards the causes of righteousness and piety (making up about nine per cent of the total spend), followed by AED 1.6 million (three per cent) towards social affairs, AED1.3 million (three per cent) towards healthcare, and AED 700,000 (one per cent) 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 per cent of all AMAF’s revenues towards reconstruction projects and 60 per cent towards our endowment funds that are used in accordance with the donors’ specifications and comply with the noble objectives of Islamic Shari’ah. 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. 

Source:http://www.cpifinancial.net/news/category/islamic-finance/post/38891/awqaf-and-minors-affairs-foundation-spends-aed-49-million-in-2016

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