President Sheikh Khalifa bin Zayed Al Nahyan has adopted the Law of Charitable Endowment in the UAE to further promote the values of generosity instilled by the founding father, the late Sheikh Zayed bin Sultan Al Nayhan.
The law provides an enabling environment for charitable work, community participation and social solidarity in all aspects of life, state news agency WAM reported on Wednesday.
The Endowment Law comes in line with Sheikh Zayed’s legacy in humanitarian work and his contributions to communities, schools, universities, infrastructure projects, housing and clean water and other charitable projects, it added.
Today, the UAE has maintained its ranking as the world’s largest donor of official development aid for the fifth consecutive year.
WAM said the law aims to provide the best legislative environment for the establishment of endowments in the UAE and the world. It seeks to expand the benefits of the endowment to cover various social, scientific, cultural and environmental fields.
The legislation reflects UAE’s culture of tolerance and giving as it allows individuals and institutions to contribute to the financing of charitable projects, and opens the door for non-Muslims to take part in the endowment process.
The detailed Law of Endowment, which includes 40 articles, provides definitions and types of the endowment. The law includes articles relating to endowment process, provisions, and legislative requirements.
In 2016, a major initiative, which will include $1.3bn in pledged assets, was launched by the UAE’s Vice President and Prime Minister, and Ruler of Dubai, Sheikh Mohammed Bin Rashid Al Maktoum.
The Mohammed Bin Rashid Global Centre for Endowment Consultancy focuses on a variety of philanthropic causes, as well as the development of knowledge, culture and future research across the Arab world.
The initiative is based on the awqaf concept of sustainable charitable endowment.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.