Mohammed bin Rashid Global Centre for Endowment Consultancy, an affiliate of the Awqaf and Minors Affairs Foundation in Dubai, Arab Women Authority, the leading Arab organisation in the field of supporting women’s empowerment and National Bonds, the UAE’s savings and investment company, has joined forces to introduce the “Women Sukuk” as an integral addition to the esteemed Sukuk Al Waqf endowment initiative.
Sukuk Al Waqf, is an innovative endowment that was announced in 2022 by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, and launched by Mohammed bin Rashid Global Centre for Endowment Consultancy (MBRGCEC), in partnership with the Awqaf and Minors Affairs Foundation in Dubai and National Bonds.
This endowment allows contributions to be placed with National Bonds at expected returns, while the returns are re-directed towards a humanitarian project of the contributors’ choice.
Building on the resounding success of the Sukuk Al Waqf initiative and the highly positive response from the public, the “Women Sukuk” is positioned to play a vital role within the Sukuk Al Waqf projects, demonstrating the commitment of these three organisations to advancing social causes through Islamic finance.
The new partnership aims to enhance breast cancer treatment and awareness. According to the memorandum of understanding, National Bonds will lead the investment efforts, while the Arab Women Authority will allocate the investment returns to advancing breast cancer treatment and awareness. Simultaneously, Awqaf Dubai will provide vigilant oversight, ensuring the effective implementation of the programme. This partnership came into light following a surge in breast cancer cases in the UAE, whereas according to the World Health Organization latest report, 21.6% of all cancer cases recorded in the UAE were accounted for breast cancer.
Khaled Al Thani, Deputy Secretary-General of Awqaf and Minors Affairs Foundation, emphasised that the Foundation is keen to support efforts in the health sector, given that treating patients and raising the level of healthcare in society is a top priority for the foundation.
“Through the ‘Women Sukuk’ initiative, we seek to provide sustainable financial returns by creating quality initiatives aimed at raising breast cancer awareness and contributing to reducing the number of breast cancer cases among women.”,
Al Thani said.
For his part, Mohammed Al-Dulaimi, Secretary-General of the Arab Women Authority, expressed his high appreciation for this strategic partnership with Dubai Endowments and National Bonds to activate initiatives aimed at enhancing community contribution in supporting the Authority’s development and humanitarian projects, especially its initiative to launch programs and projects to treat breast cancer for women in a way that enhances capacity building and health. Women as an essential partner in development
Mohammed Qasim Al Ali, Group Chief Executive Officer of National Bonds, said,
“We are proud of this initiative, highlighting our collective commitment to leveraging our retail sukuk scheme for social causes. This collaboration reinforces our commitment to Sukuk Al Waqf, fostering a meaningful connection between financial contributions and positive social impact. We look forward to the success of the ‘Women Sukuk’ and its role in advancing breast cancer treatment and awareness in our community.”
The “Women Sukuk” will seamlessly integrate into the Sukuk Al Waqf ecosystem, via its website, ensuring transparency and accessibility. Stakeholders will have real-time insights into the progress and outcomes of this significant project.
The agreement was signed by Zainab Juma Al Tamimi, Director of the Mohammed bin Rashid Global Centre for Endowment Consultancy on behalf of Awqaf Dubai, and Dr. Lina Abu Baker, Executive Director of the Arab Women Authority, and Rehab Lootah, Group Deputy Chief Executive Officer at National Bonds.
News Source: Emirates News Agency
