+New Awqaf International Organization (AIO) is aligned with HH Sheikh Mohammed bin Rashid Al Maktoum's vision in enhancing Dubai’s position as capital of the Islamic economy
+The initiative enhances the role of endowments as one of the most important social and economic development tools
In line with the directives and support of HH Sheikh Mohammed bin Rashid Al Maktoum, VP and PM of the UAE and Ruler of Dubai, HE Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and the Future and Chairman of the Executive Council of HH Sheikh Mohammed bin Rashid Al Maktoum, has announced the launch of the Awqaf International Organization (AIO) during the opening ceremony of the third Global Islamic Economy Summit (GIES 2016) held in Dubai, UAE.
Instituted by Awqaf and Minors Affairs Foundation (AMAF) in collaboration with the Dubai Islamic Economy Development Centre (DIEDC) and the Mohammed bin Rashid Global Centre for Endowment Consultancy, the first-of-its-kind initiative globally aims to enhance the role of endowments in the development of societies worldwide.
During his keynote speech at the GIES opening ceremony, Al Gergawi said that endowments is one of the most important social and economic development tools.
Al Gergawi said: “The initiative is a main pillar for the Dubai: Capital of Islamic Economy initiative that aims to develop the awqaf sector and unify the efforts of global awqaf entities and organisations to improve the role of waqf as a key catalyst of economic development.
“The new organisation will unify all local and global efforts to establish a shared system for endowment investments whose laws and regulations are approved by all awqaf organisations worldwide. This step will further enhance the role of the endowment sector and make it a partner in financial transactions and investments in various Islamic economy sectors.”
The press conference was attended by His Excellency Tayeb Al Rais, Secretary General of AMAF, His Excellency Abdullah Mohammed Al Awar, CEO of Dubai Islamic Economy Development Center, and His Excellency Dr. Hamad Al Hammady, Secretary General of Mohammed bin Rashid Global Centre for Endowment Consultancy.
Tayeb Al Rais, Secretary General of AMAF, said the AIO is an umbrella organisation that will empower the work of awqaf organisations by "opening up channels of coordination, collaboration and exchange of best practice."
“This new global is based on our view of the current state of Islamic societies in the region and around the world. Such societies are in urgent need of holistic and sustainable development that is not only in harmony with Islamic values, but also grounded in the realities of modern development," he said.
"We are proud to note that there are several Islamic endowments active around the world. Their tireless efforts have benefited various underprivileged sections of society in terms of imparting education, quality healthcare, vocational training, employment and other socioeconomic support."
Al Rais added that the AIO will facilitate a better use of the potential of endowments, and place authorities in a stronger position to help people at the grassroots level, regardless of their religious or ethnic backgrounds.
The founding members of the AIO include:
Awqaf and Minors Affairs Foundation
Dubai Islamic Economy Development Center
Mohammed bin Rashid Global Centre for Endowment Consultancy
The Department of Awqaf in Sharjah
Awqaf SA (National Awqaf Foundation of South Africa)
Awqaf Canada (National Awqaf Foundation of Canada)
Awqaf New Zealand
Awqaf USA
Awqaf Australia
The Independent Committee of Islamic Finance in Europe
Awqaf Sheikh Mohammed Abdulaziz Al Rajhi
Abdulla Mohammed Al Awar, Chief Executive Officer of DIEDC, said that the launch of AIO reinforces Dubai’s position as an incubator of innovative concepts that advance the Islamic economy. He noted, "With the establishment of the AIO, we expect to achieve a positive impact on the lives of communities across the globe. We also anticipate the AIO to play a pivotal role in strengthening the functioning of endowment institutions through facilitating the financing of SMEs in these countries, and providing the right human resource training to advance their competencies."
Dr Hamad Al Hammadi, Secretary General of Mohammed bin Rashid Global Centre for Endowment Consultancy, said: “The vision of our wise leadership has always focused on addressing the root challenges first, which then yield sustainable outcomes. Unequal social development is one root cause that often leads to a decline in social relations and slows economic growth. We take pride in Dubai’s and the UAE’s constant efforts that seek to enhance the wellbeing of all people.”
Imad Kaddoura, Secretary General of Awqaf Canada, said: “As the Islamic economy framework gains ground and becomes a vital part of the mainstream global economy, it is crucial that we consolidate our efforts to manage and invest awqaf assets, capital, and returns in a shari’ah-compliant manner. The newly established AIO will enable awqaf projects to play a stronger role in our society as sustainable projects beneficial to our stakeholders, as well as the wider global community. We appreciate AMAF’s support and dedication to lead in the launch of this ground-breaking initiative."
Khalid Sukkarieh, Secretary General of Awqaf Australia, said the AIO is a turning point in crystallising the efforts of awqaf international entities. "With this new body we can all work together on a global scale to achieve social development and pursue a mandate that transcends geographical borders. Awqaf has always had a historical place in uniting people of different nationalities and faiths - without discrimination and this is a message we can send globally."
Zeinoul Abedien Cajee, National Coordinator of Awqaf SA, added: “The newly-established Awqaf International can help unify and standardise the work of awqaf entities across the world. In doing so, it will enable awqaf international entities to leverage best practices, and customise initiatives according to geographies to achieve maximum social impact.”
Talib Al Marri, Secretary General of the Sharjah Awqaf General Trust, commented: ““Through this initiative, and in collaboration with other awqaf entities, we hope to enhance all of our efforts. The AIO aims to advance awqaf traditions, strengthen its role in society, and establish awqaf international standards to meet the needs and priorities of the public which can then benefit every segment of society. We commend the efforts of all the founder members and DIEDC in undertaking the responsibility of instituting this unique global organisation and look forward to supporting and adding value to this noble and collaborative endeavour.”
Bader Bin Mohammed Al-Rajhi, Chairman of the National Committee of Endowments, said: “The role of awqaf and waqf investments is part of our religious beliefs, our history and society. Now, as we join together in the new AIO, we will be united in spreading the message of the importance of waqf investments and trust formations on a global level. This will help change the future of Islamic finance and we are proud to be among the founders of this important new group.”
Husain Benyounis, Secretary General of Awqaf New Zealand, said: “The AIO has been launched not merely to coordinate the efforts of member foundations and entities, but to create a global network that shares best practices and can manage international endowments and funds. The body has also been tasked with recommending unified templates for legal frameworks, supporting the organising of awqaf investments, and overseeing applications of sharia standards in accounting, reviewing, and governance.”
Tareq Abou Nour, Secretary General of the Independent European Committee for Islamic Finance Studies, said: “The launch of this global awqaf organisation is the result of the growing interest in the Islamic economy, and its prominent presence in various financial sectors of significance. The AIO reflects a bright future in creating an international platform that convenes all awqaf and like-minded philanthropic foundations. We believe that collaboration is a vital part of change, and awqaf’s new organisation can successfully utilise this approach to enhance its outreach.”
+The initiative enhances the role of endowments as one of the most important social and economic development tools
In line with the directives and support of HH Sheikh Mohammed bin Rashid Al Maktoum, VP and PM of the UAE and Ruler of Dubai, HE Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and the Future and Chairman of the Executive Council of HH Sheikh Mohammed bin Rashid Al Maktoum, has announced the launch of the Awqaf International Organization (AIO) during the opening ceremony of the third Global Islamic Economy Summit (GIES 2016) held in Dubai, UAE.
Instituted by Awqaf and Minors Affairs Foundation (AMAF) in collaboration with the Dubai Islamic Economy Development Centre (DIEDC) and the Mohammed bin Rashid Global Centre for Endowment Consultancy, the first-of-its-kind initiative globally aims to enhance the role of endowments in the development of societies worldwide.
During his keynote speech at the GIES opening ceremony, Al Gergawi said that endowments is one of the most important social and economic development tools.
Al Gergawi said: “The initiative is a main pillar for the Dubai: Capital of Islamic Economy initiative that aims to develop the awqaf sector and unify the efforts of global awqaf entities and organisations to improve the role of waqf as a key catalyst of economic development.
“The new organisation will unify all local and global efforts to establish a shared system for endowment investments whose laws and regulations are approved by all awqaf organisations worldwide. This step will further enhance the role of the endowment sector and make it a partner in financial transactions and investments in various Islamic economy sectors.”
The press conference was attended by His Excellency Tayeb Al Rais, Secretary General of AMAF, His Excellency Abdullah Mohammed Al Awar, CEO of Dubai Islamic Economy Development Center, and His Excellency Dr. Hamad Al Hammady, Secretary General of Mohammed bin Rashid Global Centre for Endowment Consultancy.
Tayeb Al Rais, Secretary General of AMAF, said the AIO is an umbrella organisation that will empower the work of awqaf organisations by "opening up channels of coordination, collaboration and exchange of best practice."
“This new global is based on our view of the current state of Islamic societies in the region and around the world. Such societies are in urgent need of holistic and sustainable development that is not only in harmony with Islamic values, but also grounded in the realities of modern development," he said.
"We are proud to note that there are several Islamic endowments active around the world. Their tireless efforts have benefited various underprivileged sections of society in terms of imparting education, quality healthcare, vocational training, employment and other socioeconomic support."
Al Rais added that the AIO will facilitate a better use of the potential of endowments, and place authorities in a stronger position to help people at the grassroots level, regardless of their religious or ethnic backgrounds.
The founding members of the AIO include:
Awqaf and Minors Affairs Foundation
Dubai Islamic Economy Development Center
Mohammed bin Rashid Global Centre for Endowment Consultancy
The Department of Awqaf in Sharjah
Awqaf SA (National Awqaf Foundation of South Africa)
Awqaf Canada (National Awqaf Foundation of Canada)
Awqaf New Zealand
Awqaf USA
Awqaf Australia
The Independent Committee of Islamic Finance in Europe
Awqaf Sheikh Mohammed Abdulaziz Al Rajhi
Abdulla Mohammed Al Awar, Chief Executive Officer of DIEDC, said that the launch of AIO reinforces Dubai’s position as an incubator of innovative concepts that advance the Islamic economy. He noted, "With the establishment of the AIO, we expect to achieve a positive impact on the lives of communities across the globe. We also anticipate the AIO to play a pivotal role in strengthening the functioning of endowment institutions through facilitating the financing of SMEs in these countries, and providing the right human resource training to advance their competencies."
Dr Hamad Al Hammadi, Secretary General of Mohammed bin Rashid Global Centre for Endowment Consultancy, said: “The vision of our wise leadership has always focused on addressing the root challenges first, which then yield sustainable outcomes. Unequal social development is one root cause that often leads to a decline in social relations and slows economic growth. We take pride in Dubai’s and the UAE’s constant efforts that seek to enhance the wellbeing of all people.”
Imad Kaddoura, Secretary General of Awqaf Canada, said: “As the Islamic economy framework gains ground and becomes a vital part of the mainstream global economy, it is crucial that we consolidate our efforts to manage and invest awqaf assets, capital, and returns in a shari’ah-compliant manner. The newly established AIO will enable awqaf projects to play a stronger role in our society as sustainable projects beneficial to our stakeholders, as well as the wider global community. We appreciate AMAF’s support and dedication to lead in the launch of this ground-breaking initiative."
Khalid Sukkarieh, Secretary General of Awqaf Australia, said the AIO is a turning point in crystallising the efforts of awqaf international entities. "With this new body we can all work together on a global scale to achieve social development and pursue a mandate that transcends geographical borders. Awqaf has always had a historical place in uniting people of different nationalities and faiths - without discrimination and this is a message we can send globally."
Zeinoul Abedien Cajee, National Coordinator of Awqaf SA, added: “The newly-established Awqaf International can help unify and standardise the work of awqaf entities across the world. In doing so, it will enable awqaf international entities to leverage best practices, and customise initiatives according to geographies to achieve maximum social impact.”
Talib Al Marri, Secretary General of the Sharjah Awqaf General Trust, commented: ““Through this initiative, and in collaboration with other awqaf entities, we hope to enhance all of our efforts. The AIO aims to advance awqaf traditions, strengthen its role in society, and establish awqaf international standards to meet the needs and priorities of the public which can then benefit every segment of society. We commend the efforts of all the founder members and DIEDC in undertaking the responsibility of instituting this unique global organisation and look forward to supporting and adding value to this noble and collaborative endeavour.”
Bader Bin Mohammed Al-Rajhi, Chairman of the National Committee of Endowments, said: “The role of awqaf and waqf investments is part of our religious beliefs, our history and society. Now, as we join together in the new AIO, we will be united in spreading the message of the importance of waqf investments and trust formations on a global level. This will help change the future of Islamic finance and we are proud to be among the founders of this important new group.”
Husain Benyounis, Secretary General of Awqaf New Zealand, said: “The AIO has been launched not merely to coordinate the efforts of member foundations and entities, but to create a global network that shares best practices and can manage international endowments and funds. The body has also been tasked with recommending unified templates for legal frameworks, supporting the organising of awqaf investments, and overseeing applications of sharia standards in accounting, reviewing, and governance.”
Tareq Abou Nour, Secretary General of the Independent European Committee for Islamic Finance Studies, said: “The launch of this global awqaf organisation is the result of the growing interest in the Islamic economy, and its prominent presence in various financial sectors of significance. The AIO reflects a bright future in creating an international platform that convenes all awqaf and like-minded philanthropic foundations. We believe that collaboration is a vital part of change, and awqaf’s new organisation can successfully utilise this approach to enhance its outreach.”
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