The Awqaf and Minors' Affairs Foundation launched its first account of the Stop Securities Department, which allows the citizens, residents and investors in stock and financial products to allocate shares of their investments as endowments to the community and charity projects.
The DFM's consolidated account provides an innovative and secure mechanism for executing transfer requests from investors 'accounts and donors to the Endowments Trust account of the Awqaf and Minors' Affairs Foundation, in accordance with the approved transfer model, which protects the contributions of donors and donors at the best levels of data security and remittances. In supporting the Foundation's initiatives to empower different segments of society. "
"Awqaf and Minors Affairs Foundation is keen to develop and develop endowment financing using the latest applications of financial technology and investment solutions, in order to promote innovation in the Waqf and to implement the Waqf principle for all, which is urged by the wise leadership and implemented by the institution," said Isa Abdullah Al Ghurair, Chairman of the Foundation.
"The new mechanism allows the institution to be informed of all transactions and to inform them of the summary of actions and actions related to securities and endowment stocks at the end of each month, to ensure the proper management of endowment contributions."
Mr. Ali Al Mutawa, Secretary General of the Corporation, said: "The unified equity suspension account launched by the Corporation reinforces its ability to govern according to the highest standards by adopting the latest financial technology to serve the Foundation's objectives in empowering minors and spreading Waqf culture. It helps the organization to carefully plan its waqf investments in order to save the funds of the people standing up and to expand their use in innovative Waqf projects, whether in education, health, smart infrastructure or advanced scientific research.
The Board of Directors of the Awqaf and Minors' Affairs Foundation adopted in August the Waqf Investment Policy for the period 2018-2019, which aims to diversify endowment investments to include financial products and rely on accurate figures and data to identify viable economic sectors and choose the assets and instruments they invest in, Which was approved by its Board of Directors this year, to protect capital and periodic returns.
The investment committee of the institution sets "criteria for its financial investments from sukuk, deposits, agencies or current accounts with returns, including the geographical scope of the financial investments within the country, its stable classification, the possibility of liquidating them or the use of banking facilities to guarantee them."