His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai said that innovative endowment is a developmental tool to support economy and social development in societies. His Highness added: ”we want the societies to innovate developmental solutions to build a better and happier future for people. In one month after the launch of the global vision for endowment, the concept of innovative endowment has proved itself to make a positive impact for the society. Reviving endowment is not restricted on adopting the traditional endowment, we need to innovate to have a greater impact of this tool. The concept of innovative endowment, which we launched a month ago, has exceeded the limits of the traditional endowment as it is open for everyone to participate.”
His Highness made this statement as he has been briefed on the first month results achieved by the Mohammed Bin Rashid Global centre for Endowment Consultancy, part of Mohammed Bin Rashid Global Initiatives. His Highness praised the outcomes of the centre in its first month through the innovative endowment which raised annual revenues of Dhs 503 million, equivalent to Dhs 6.2 billion of assets in traditional endowment. His Highness has directed the centre to continue receiving applications from businessmen and enterprises regardless of their size to adopt innovative endowment.
His Excellency Mohammed Algergawi, Secretary General of the Mohammed Bin Rashid Global Initiatives said: ”when His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai launched the Mohammed Bin Rashid Global Centre for Endowment Consultancy he stated a clear objective; reviving endowment as a developmental tool for societies. In one month the centre, the 30th member of the Mohammed Bin Rashid Global Initiatives, has achieved an impactful support by large, medium, and small enterprises. Innovative endowment launched by His Highness has opened doors for all enterprises regardless of their size to be part of society development. In one month, these enterprises have supported education, health, society campaigns, innovation, future research, medical research, youth projects and many other fields.”
The Dubai Endowment Sign was launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, as a key initiative of the Global Vision for Endowments, and highlights community participation by providing an opportunity to government and private sector institutions to participate in community service through innovative endowments in favor of the development needs of the community.
The Mohammed Bin Rashid Global Centre for Endowment Consultancy, one of the Mohammed bin Rashid Global Initiatives, oversees the largest global initiative to revive Endowments including legislation and rules for endowments, products and services and the Endowment district. The Centre works on the implementation of the Dubai Awqaf and Endowments Strategy and achieving the Global Vision in this area by stimulating and empowering awqaf and endowments to meet the pressing social needs of people. The Centre provides services to members of local, regional and global institutions at no cost to convert Awqaf into one of the main catalysts of development in the Arab world. The Centre works to provide Awqaf and endowment consulting according to international best practices, and consulting in wqaf and endowments deployment options to enhance the social impact for the benefit of the Arab people. The Centre also works on knowledge management in the field of Awqaf and endowments through research, studies and the organization of conferences, workshops and partnerships, as well as capacity-building and raising the efficiency of employees working in this area.
The Global Vision for Endowments, aims to revive Endowments and transform Dubai into a global center to stimulate and enable Awqaf and endowments to serve humanity through eight enablers including a comprehensive strategy, a clear legislative environment, effective consulting, adopting global best practices in the creation and management of Awqaf and endowments foundations, maximize the impact of Awqaf and endowments through highlighting innovative social opportunities, monitor urgent social needs that can be addressed by Awqaf and endowments, and finally by stimulating Awqaf and endowment through collective funding opportunities. These eight enablers work together in an integrated approach to achieve Dubai’s global vision in this area. These enablers address four strategic objectives, the first of which is to turn Dubai into a catalyst to serve the community through endowments and donations. The second objective is to transform Dubai into a strategic regional hub to meet the social needs in the Arab world harnessing Awqaf and endowments. The third objective is to transform Dubai into a source of global best practices for Awqaf and endowments, while the fourth objective is to transform Dubai into a global center for research and expertise of Awqaf and endowments.
The Center utilises the Dubai Monitoring system for the social needs in the Arab world, a system created by the Center for monitoring the most prominent social needs that can be met through Awqaf and endowments in the Arab world. The system harnesses reliable global data sources to calculate and develop a heat-map of the most important needs of each country in the Arab world. The system data is updated periodically. The Mohammed Bin Rashid Global Centre for Endowment Consultancy also provides consulting in this area for the concerned local, regional and global institutions.
The Centre has also developed a Best Practices Guide for Awqaf and endowments that combines global best practices with practical examples of various international experiences in the creation and management of Awqaf and Endowment foundations. The Guide explains the best way for the formulation of strategic plans for organizations that operate in the field of Awqaf and endowments customized based on each organizations’ needs, size and objectives. The Guide also includes options for organizational structure, the general framework for setting priorities for projects to maximize social impact, investment management, performance indicators, as well as development operations. The Centre provides the necessary consulting in this area for existing or yet-to-be-established Awqaf and endowment institutions.