The UAE has stepped up to the plate, setting up a fund of Dhs5 billion to help the needy and promote education and research in the Arab world.
H.H. Sheikh Mohammed Bin Rashid Al Maktoum, Vice President of the UAE and Ruler of Dubai, has pledged Dhs5 billion to help boost the lives of millions, particularly those in the Arab world.
The money will be used to develop knowledge and education, help boost research in important areas (including the medical field) and aid social causes across the Arab world. It will help those who cannot afford education, medical treatment and access to transport in the region.
*READ MORE: Sheikh Mohammed’s inspiring letter on the future of the UAE goes viral*
The Global Endowment Vision of Dubai fund will help those of all ethnicities, nationalities and religions. It will follow the ‘Awqaf’ model, which according to the Islamic Development Bank means “assets that are donated, bequeathed, or purchased for the purpose of being held in perpetual trust for general or specific charitable causes that are socially beneficial.”
The government will also set up the Mohammed bin Rashid Global Centre for Endowment Consultancy which will provide free advice to all philanthropists (individuals and companies) and aims to boost giving in the Arab world.
Sheikh Mohammed with his son, Sheikh Hamdan, the Crown Prince of Dubai at the announcement of the endowment fund.
So far from the Dhs5 billion fund, Dhs2.5 billion has been put towards a knowledge and education fund, and Dhs1 billion toward innovation. Companies are also implored to contribute to the fund.
Dubai Holding has already stepped up to the plate, donating Dhs50 million to the fund.
“Many businessmen provide charity in secret,” Sheikh Mohammed told Wam. “We want them to announce their endowments and lead by example.
*ALSO: 10 great quotes from Sheikh Mohammed*
Also, all revenue from Sheikh Mohammed’s book Flashes of Wisdom will go toward a cultural fund for Emirati literature as part of the initiative (you can buy the book here).
A Dubai Awqaf and Endowment District will also be built, which will mean those who have the funds to build a home but lack the land to do so on can live in he district (which is going to be on land donated by H.H. Sheikh Mohammed).
WHAT THE FUND WILL GO TOWARDS IN THE UAE
– Education in the UAE and help with school fees
– Orphanages and shelters
– Help for impoverished families
– Aid for in-vitro fertilisation
– University grants and scholarships
– Autism and cancer support
– Help for those in debt
– Financial help for the weddings of young Emirati couples
WHAT THE FUND WILL GO TOWARDS IN THE REST OF THE ARAB WORLD
– Aid for medicine, health, children’s cancer and heart disease
– A self-sufficiency fund for communities, as well as youth projects
– Support for farmers and land reclamation
– Aid for orphans
– Financial help for weddings for the needy.
The Dhs5 billion fund is part of the Mohammed bin Rashid Global Initiative, which oversees organisations like Noor Dubai, UAE Water Aid and Dubai Cares.
By 2035 the organisation hopes to have educated 20 million children, to have distributed more than 10 million books and to have treated blindness in 30 million people.
HOW MUCH IS DHS5 BILLION?
– 1.36 billion USD
– 91 billion Indian rupees
– 2 billion NZD
– 966 million GBP
SHEIKH MOHAMMED’S TWEETS ABOUT THE FUND
Today we launched a global initiative based on the Awqaf concept of sustainable charitable endowment https://t.co/EDBx2pVc9L
— HH Sheikh Mohammed (@HHShkMohd) March 22, 2016
The initiative creates an investment district whose assets and revenues will be devoted to charity, creating long-lasting endowments
— HH Sheikh Mohammed (@HHShkMohd) March 22, 2016
I have dedicated Dhs5 billion of assets to this effort in the hope others will join and develop charitable endowments in the district.
— HH Sheikh Mohammed (@HHShkMohd) March 22, 2016
Additionally the new Mohammed Bin Rashid Global Centre for Endowment Consultancy will provide free consultation on Awqaf and endowments.
— HH Sheikh Mohammed (@HHShkMohd) March 22, 2016
Awqaf endowments in the district are open to companies, institutions and individuals without geographic, religious or ethnic restrictions.
— HH Sheikh Mohammed (@HHShkMohd) March 22, 2016
We have opened the doors to endowments serving humanity with sustainable giving. We encourage our business leaders to join in our effort.
— HH Sheikh Mohammed (@HHShkMohd) March 22, 2016
– Photos: Getty & Twitter/Dubai Media Office
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