Law issued to regulate endowments in Dubai
IT WILL CREATE LEGISLATIVE ENVIRONMENT CONDUCIVE TO ESTABLISHING INSTITUTIONS IN DUBAI
Endowment institutions are the government’s partners in the development of communities, and they play an instrumental role in meeting various needs of communities.
This was stated by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, as he issued a new Endowment Law yesterday. The law was issued to regulate endowments in Dubai and create a legislative environment that is conducive to establishing endowment institutions.
Global model
“Endowments are a tool for developing communities, and they have played a historical role on both the Arab and global level. We want to provide the best legislative environment in the world for establishing endowments, and environment that allows endowments to contribute to various social, scientific, cultural and environmental fields,” Shaikh Mohammad said.
Shaikh Mohammad pointed out that the Mohammad Bin Rashid Global Initiatives Foundation, and its affiliated Global Centre for Endowment Consultancy, are a good global model for charitable developmental work.
Alaw to create a legislative environment that is conducive to establishing endowment institutions has been issued. His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, issued the law yesterday.
Shaikh Mohammad stressed that endowment institutions are the government’s partners in the development of communities, and they play an instrumental role in meeting various needs of communities.
“Endowments are a tool for developing communities, and they have played a historical role on both the Arab and global level.
“We want to provide the best legislative environment in the world for establishing endowments, and environment that allows endowments to contribute to various social, scientific, cultural and environmental fields,” said Shaikh Mohammad.
Shaikh Mohammad made the remarks on the occasion of issuing Law No. 14 of 2017 for regulating endowments in Dubai. The law creates an incentivising legislative environment to revive the role of endowments as a tool for community development.
Scientific research
“We want scientific and medical researches and cultural and environmental programmes to be financed by endowments, and to support business incubators and youth projects through endowments. The private sector and businessmen are active contributors in the process of community development,” he added.
“Today, we are facilitating the establishment of endowments and endowment institutions for businessmen and philanthropists. Governing charity is a means to ensure its sustainability, and the UAE is a global model for such governance.
“The UAE opens its doors to all those who want to contribute to charity. The role of the government is to provide a suitable environment for endowments and charity work, and the role of private and social institutions is to utilise these advantages to drive development forward,” said Shaikh Mohammad.
Shaikh Mohammad pointed out that the Mohammad Bin Rashid Global Initiatives Foundation, and its affiliated Global Centre for Endowment Consultancy, are a good global model for charitable developmental work.
The law was drafted by a joint work team from the Mohammad Bin Rashid Global Centre for Endowment Consultancy, the Supreme Legislatives Committee and the Awqaf and Minors Affairs Foundation. It sets a comprehensive legal framework that is compatible with the requirements of the community for regulating, managing, protecting and operating endowments.
The law also aims to provide an environment that encourages endowment and development work, as well as community contributions in different fields, such as education, culture, health, arts, environment, sports and social solidarity.
Creative initiatives
The law encourages endowments that fall within creative initiatives that suit the needs of society, individuals and different segments.
The law paves the way for the establishment of endowment institutions that shall meet societal needs. It assigns the Awqaf and Minors Affairs Foundation and the Mohammad Bin Rashid Global Centre for Endowment Consultancy the responsibility of establishing a system for the licensing of endowment institutions, which should include substantive and procedural rules that must be available for licensing these institutions as well, as setting up a governance system for endowment institutions, which should include the work mechanism of these institutions, their management, obligations, and measures to be taken against violators of its license terms and obligations.
The law also entitles the Mohammad Bin Rashid Global Center for Endowment Consultancy the authority to grant the Dubai Endowment sign to institutions that provide sustainable community contributions based on the concept of innovative endowment.