Awqaf and Minors Affairs Foundation unveils accomplishments for 2016.
Announcing the 2016 results, His Excellency Tayeb Al-Rais, Secretary General of AMAF, said: "Last year, we focused our efforts on growing endowment revenues, expanding the list of beneficiaries, and developing partnerships and collaborations with charities and government entities. Our work seeks to instill a spirit of social solidarity in the community and boost Dubai's position as a global economic hub through maximizing the financial performance of endowments and promoting the principles of Islamic economy."
He added: "During 2016, we launched a host of programs and events that aimed to advance the creative talents of minors under our care and enhance their sense of responsibility. We also worked to ensure that endowments fulfil their role as a collaborative social system that contributes to vital development projects, especially in healthcare and education. Furthermore, we identified additional endowment resources that reduce some of the government's funding responsibilities."
Highlighting last year's results, he said: "AMAF's dedication to providing best-in-class services increased satisfaction levels to 95 percent. In addition, the confidence in the Foundation's commitment to protecting the interests of its beneficiaries also reached 95 percent. These are the results of a survey published by the Hamdan bin Mohammed Award for Smart Government, organized by the Dubai The Model Centre at the General Secretariat of the Executive Council of Dubai."
Endowment Development Department Adopts Endowment Suitability Concept
In 2016, AMAF's Endowment Development Department continued its focus on managing properties and donations granted to the Foundation, and investing the revenues in line with the principles of endowment sustainability. The concept aims to preserve endowment assets and revenues through dedicating a part of the annual revenues to a Takaful portfolio. Growing endowment revenues is key to funding charity work and supporting the community.
The number of endowment units managed by AMAF increased from 1,841 in 2015 to 1,872 in 2016. Between 2014 and 2016, the Foundation attracted over AED50 million in donations -- a significant increase from AED29 million between 2011 and 2013. Innovative ideas of AMAF's employees, such as coupons, SMS donations, the charity corner, and monthly deductions from permanent donors, played a significant part in increasing revenues.
In 2016, AMAF spent AED56 million across its five endowment mandates -- healthcare, education, Islamic affairs, piety and righteousness, and social care -- compared to AED49 million in 2015. The Foundation's total expenditure from 2011 until 2016 amounted to AED291 million. Islamic affairs accounted for the lion's share with 88 percent, followed by piety and righteousness with seven percent, and social care with three percent.
The number of beneficiaries of AMAF's financial support increased to 33 organizations in 2016, compared to 26 in 2015. Last year, the department launched eight endowment initiatives and developed seven new policies to streamline endowments, enabling it to execute endowment projects valued at AED65.7 million, as opposed to AED43.8 million in 2015.
Ahmad Abu Shehab, Director of AMAF's Endowment Development Department, said: "The number of endowment projects the Foundation financed, and the total value of grants, endowments, donations, and zakat it attracted last year are testament to the significant role it plays in enhancing social solidarity."
Minors Department Launches Innovative Services
AMAF's Minors Department executed 12,352 transactions, organized 1,829 visits, interviewed 16,320 beneficiaries and endowers, issued 16,572 letters pertaining to the requirements of its beneficiaries, and followed up on financial claims worth AED22.8 million on behalf of minors. The department provided financial aid valued at AED13.7 million in addition to AED2.5 million in educational aid and AED6.4 million in residential aid. It also organized a variety of community events and programs, such as the Youth Empowerment Program, the Rowad Program for Creativity and Innovation, an umrah trip for minors, and an art program.
In 2016, the Minors Department signed collaboration agreements with the Community Development Authority, Ousha bint Hussein Cultural Center, and Sharjah Urban Planning Council to facilitate the settlement of inheritances and educate minors. Furthermore, it initiated partnerships with the Ministry of Social Affairs, General Pension and Social Security Authority, Roads and Transport Authority, Abu Dhabi National Bank, Abu Dhabi Islamic Bank, and Emirates Islamic Bank.
In addition, the department launched three new services in 2016 -- Labeeh, dedicated to widows and the elderly, a WhatsApp service to facilitate transactions, and the Emirates Auctions service that aims to simplify online auctions as well as delivery of documents and cheques to heirs.
Summarizing her department's achievements, Zainab Jumaa Al Tamimi, Deputy Director of Minors Affairs at AMAF, said: "In 2016, the Foundation enhanced its services to minors, signed several collaboration agreements, and expanded synergies to help minors lead successful lives and become productive members of their society."
Investment Department Achieves Strong Revenues
AMAF's Investment Department launched seven new real estate projects worth AED32,442,000, raising the total value of the Foundation's ongoing real estate ventures to more than AED92 million.
The department completed five buildings in Al Bada'a and Al Warqaa areas in Dubai with a combined value of AED57.7 million, that are expected to generate AED6 million in annual revenues starting from 2017. In addition, it completed the construction of an endowment store complex in Al Muhaisnah area worth AED2.6 million that is expected to raise an estimated annual revenue of AED525,000.
The department conducted 204 new investment studies and consultations for endowment and minors during 2016 -- a massive increase compared to 37 studies and consultations in 2015. It also explored 24 property purchase opportunities and bought two properties worth AED67 million. The new acquisitions are expected to generate around 8.5 percent in annual revenue.
In line with the UAE Year of Giving, AMAF invites members of the public to support the salma Humanitarian Relief Program through donations that can be conveniently made via text message. Etisalat and du subscribers can SMS 'salma' to 7710 to donate AED10, 7750 to give AED50, and 3100 to give AED100. Donors can also make their contributions to AMAF's Dubai Islamic Bank's account number 01-520-9451498-001.
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|Date:||Apr 30, 2017|
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