Sheikh Mohammed Issues New Endowment Law for Dubai
His Highness Sheikh Mohammed Bin Rashid Al Maktoum has issued Law No.14 of 2017 for regulating endowments in Dubai. The legislation will work to promote the role of endowments as a means of community development and encourages the development of social, scientific, cultural and environmental programmes in Dubai.
Dubai has been particularly progressive in terms of endowments, just last year it launched the world’s first centre for endowment consultancy services, the Mohammad Bin Rashid Global Center for Endowment Consultancy, with a vision to position the emirate of Dubai as the global humanitarian capital. The centre provides endowment consultancies for both regional and international individuals and organizations in order to promote the development of a society for the benefit of all people.
The introduction of Law No. 14 of 2017 further reinforces Dubai’s commitment to promoting an inclusive and just society for all. The legislation offers a comprehensive and modern framework to support the UAE’s vision of increasing its humanitarian and charity efforts.
The law confers 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.
- Regulate endowments and grants in the Emirate of Dubai.
- Boost social, scientific, cultural and environmental development, by funding scientific and medical research as well as cultural and environmental programmes.
- Facilitate the establishment of endowment institutions.
- Define the terms of endowed property and the party to which it shall be endowed.
- Define terms of appointing custodian for the management of endowment.
- Define endowment as financial assets that provide ongoing benefits while keeping the core endowment principal intact to fund future.
- Grants Awqaf the authority to issue and Minors’ Affairs Foundation and the Mohammad Bin Rashid Global Centre for Endowment Consultancy to issue licenses for endowment institutions.