Awqaf and Minors Affairs Foundation Raises Asset Value to Dh2.8 Billion, Increases Profits by 11 Percent
Awqaf and Minors Affairs Foundation (AMAF) issued its financial report for the fiscal year ending December 31, 2017, recording an 11 percent increase in the profits of the investments it manages to fund its charitable and humanitarian projects. The Foundation released the report in line with its commitment to transparency in its operational and financial activities and adherence to international standards of governance, following a review at the third Board of Directors meeting.
The report indicates that the total value of AMAF’s assets in 2017 exceeded AED2.8 billion, an increase of seven percent on previous year. Endowment assets accounted for the highest share – more than AED1.4 billion, while minors’ assets recorded the highest annual growth at 28 percent.
As for the Foundation's revenues, 2017 brought a total increase of two percent. Endowments had the highest share of revenues at AED121 million, a surge of nine percent compared to 2016, while minors’ revenues (AED33 million) led in annual growth with 19 percent.
The total investment profits in 2017 amounted to AED140 million, 11 percent up on 2016. Endowment investments recorded the highest profit at AED93 million, a nine percent increase over the previous year. Meanwhile, minors’ investments saw the highest profit growth at 33 percent.
Profitable investment in Islamic finance derivatives
His Excellency Ali Al Mutawa, Secretary General of AMAF, said: “AMAF’s financial report for the fiscal year 2017 highlights the Foundation’s continued operational and financial success. In line with Dubai’s emergence as a global Islamic finance hub, we started investing our endowment funds in Islamic finance derivatives last year, and the results prove the feasibility of these investments.”
Speaking on institutional performance, he added: “In 2017, AMAF achieved an 11 percent increase in total investment profits on previous year. Endowments recorded strong financial performance as a result of prudent asset management in addition to relentless efforts of the Foundation’s employees, who believe in the importance of charity in the community. Minors’ assets have also grown due to the Foundation’s belief in the importance of empowering minors in society.”
The third Board of Directors meeting took place at the Foundation's headquarters in Dubai. Attendees included His Excellency Abdul Rahman Hareb Rashid Al Hareb, Vice Chairman, His Excellency Ali Al Mutawa, Secretary General, His Excellency Khaled Al Thani, Deputy Secretary General, Ahmad Darwish Al Muhairi, Dr Abdul Aziz Mohammed Al Hammadi, Huda Essa Buhumaid, Hamda Ibrahim Mohammed Obaid, Abdulla Ali Al Madani, and Dr Hamad Al Hammadi.
Awqaf and Minors Affairs
The birth of the Awqaf and Minors Affairs Foundation (AMAF) came with the issue of law No. 6 in 2004 during the era of the late His Highness Sheikh Maktoum bin Rashid Al Maktoum. With the expansion of the institution in its work and functions, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister and Ruler Dubai issued law No. 9 in 2007 organizing the work of the institution, to ensure the provision of a conducive environment for greater achievements in the development of ‘awqaf’ and minors’ funds, and the care of their affairs, according to a well-aimed plan, and a conscious vision and insight.