Awqaf International Organization Launched at First Day of Global Islamic Economy Summit 2016

Dubai, 11 Muharram 1438/12 October 2016 (MINA) – Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and the Future, has announced the launch of the Awqaf International Organization (AIO), a first of its kind initiative regionally and globally, during the opening ceremony of the third Global Islamic Economy Summit (GIES 2016) held at the Madinat Jumeirah in Dubai, WAM reported.

Instituted by Awqaf and Minors Affairs Foundation (AMAF) in collaboration with the Dubai Islamic Economy Development Centre (DIEDC) and the Mohammed bin Rashid Global Centre for Endowment Consultancy, the pioneering initiative is mandated to enhance the role of endowments in the development of societies worldwide.

During his keynote speech at GIES opening ceremony, Al Gergawi pointed out that AIO complements the vision of Sheikh Mohammed bin Rashid Al Maktoum in globalising the Islamic economy ecosystem and enhancing the role of endowments as one of the most important social and economic development tools.

Also Read: Indonesian Economy Predicted to Grow 5.3-5.9 Percent in 2017

Al Gergawi said: “The initiative is a main pillar for the ‘Dubai: Capital of Islamic Economy’ initiative that aims to develop the awqaf sector and unify the efforts of global awqaf entities and organizations to improve the role of waqf as a key catalyst of economic development.”

“The new organization will unify all local and global efforts to establish a shared system for endowment investments whose laws and regulations are approved by all awqaf organizations worldwide. This step will further enhance the role of the endowment sector and make it a partner in financial transactions and investments in various Islamic economy sectors,” he added.

Also Read: Ministers on Government Perforances in Past Four Years

The founding members of the AIO represent several parts of the world. They include: – Awqaf and Minors Affairs Foundation – Dubai Islamic Economy Development Center – Mohammed bin Rashid Global Centre for Endowment Consultancy – Department of Awqaf in Sharjah – Awqaf SA (National Awqaf Foundation of South Africa) – Awqaf Canada (National Awqaf Foundation of Canada) – Awqaf New Zealand – Awqaf USA – Awqaf Australia – The Independent Committee of Islamic Finance in Europe – Awqaf Sheikh Mohammed Abdulaziz Al Rajhi.

Husain Benyounis, Secretary General of Awqaf New Zealand, said: “The Awqaf International Organization has been launched not merely to coordinate the efforts of member foundations and entities, but to create a global network that shares best practices and can manage international endowments and funds. The body has also been tasked with recommending unified templates for legal frameworks, supporting the organizing of awqaf investments, and overseeing applications of sharia standards in accounting, reviewing, and governance.”

Also Read: Jakarta Plans ERP to Cut Choking Traffic Jams

Tareq Abou Nour, Secretary General of the Independent European Committee for Islamic Finance Studies, said: “The launch of this global awqaf organization is the result of the growing interest in the Islamic economy, and its prominent presence in various financial sectors of significance.

The Awqaf International Organisation reflects a bright future in creating an international platform that convenes all awqaf and like-minded philanthropic foundations. We believe that collaboration is a vital part of change, and awqaf’s new organization can successfully utilize this approach to enhance its outreach.” (T/R07/R01)

Mi’raj Islamic News Agency (MINA)