By Layan Damanhouri
DUBAI – A new body entitled the Awqaf International Organization (AIO) was launched during the Global Islamic Economy Summit, announced Mohammed Al-Gergawi, Minister of Cabinet Affairs and the Future and Chairman of the Executive Council of Sheikh Mohammed bin Rashid Al Maktoum at a press conference here.
“The initiative aims to unify all efforts of global awqaf (endowment) entities and organizations to improve the role of waqf as a key catalyst of economic development,” Al-Gergawi said.
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CEO of the Dubai Islamic Economy Development Center Abdullah Al Awar and Secretary General of Awqaf and Minors Affairs Tayeb Al Rais announce new Awqaf International Organization (AIO) at a press conference at the Global Islamic Economic Summit — SG photo by Layan Damanhouri[/caption]
The initiative, the first of its kind, is aimed to improve the role of endowments in developing societies globally.
“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.
Secretary General of the AMAF Tayeb Al-Rais said “societies are in urgent need of holistic and sustainable development that is not only in harmony with Islamic values, but also grounded in the realities of modern development.”
He added: “There are several Islamic endowments active around the world whose tireless efforts have benefited various underprivileged sections of society in terms of imparting education, quality healthcare, vocational training, employment and other socioeconomic support. With the establishment of AIO today, we have created a common platform for all diverse awqaf institutions worldwide that serves as an umbrella organization that will empower their work by opening up channels of coordination, collaboration and exchange of best practice.
CEO of the Dubai Islamic Economy Development Center Abdullah Al Awar said the launch of AIO reinforces Dubai’s position as an incubator of innovative concepts that advance the Islamic economy. He added: «With the establishment of the AIO, we expect to achieve a positive impact on the lives of communities across the globe. We also anticipate the AIO to play a pivotal role in strengthening the functioning of endowment institutions through facilitating the financing of SMEs in these countries, and providing the right human resource training to advance their competencies.
The Awqaf and Minors Affairs Foundation introduced the initiative in collaboration with the Dubai Islamic Economy Development Centre (DIEDC) and the Mohammed bin Rashid Global Centre for Endowment Consultancy.
Dubai strives to serve as the capital of Islamic economy in a nationwide effort. Al Gergawi said the AIO complements the vision of Sheikh Mohammed bin Rashid Al Maktoum in globalizing the Islamic economy ecosystem and enhancing the role of endowments as one of the most important social and economic development tools.
