Awqaf and Minors Affairs Foundation Signs Agreement With Emirates NBD to Develop Educational Endowments
Awqaf and Minors Affairs Foundation (AMAF) signed a memorandum of understanding (MoU) with Emirates NBD as part of its ongoing efforts to boost educational endowments and enable minors under its care to continue their higher studies.
Omar Jumaa Al Mazmi, Director of AMAF’s Endowment Development Department, and Vikram Krishna, Executive Vice President and Head of Group Marketing & Customer Experience at Emirates NBD, signed the agreement that defines the terms of the collaboration.
Under the MoU, Emirates NBD and AMAF are mandated to collaborate in three key areas with a focus on organizing charitable and humanitarian campaigns and events towards developing and investing endowment funds. First, members of Plus Points, a loyalty program for Emirates NBD credit card holders, will now be able to convert their points to monetary donations that help AMAF’s minors continue their studies. Second, the bank will support the Foundation’s endowment projects, including the Year of Zayed Project, whose proceeds are allocated towards empowering the underprivileged segments of society. Finally, AMAF and Emirates NBD will promote each other’s charitable activities via their social media platforms, as well as through emails and text messages.
Speaking on the agreement, Omar Jumaa Al Mazmi said: “AMAF proactively builds strategic partnerships with leading organizations that share its vision for empowering minors and promoting the culture of endowment. Our cooperation with Emirates NBD – a bank whose corporate social responsibility initiatives and contributions to the UAE’s economic development are well known – presents an ideal opportunity to implement projects that strengthen the endowment sector and enhance the UAE’s status as a leading global provider of humanitarian and charitable assistance.”
He added: “We will cooperate in exchanging knowledge and expertise on investments that serve the society and support public benefit projects. We believe these efforts will improve the lives of many and set new benchmarks for collaboration for public and private sector entities to enable next generations to build a prosperous future.”
For his part, Ahmed Al Marzouqi, Executive Vice President and General Manager for Retail Distribution at Emirates NBD, said: “We are pleased to establish synergies with AMAF that allow our customers to donate and make a difference to our society. Customers can now play a proactive role in addressing urgent humanitarian challenges through the Plus Points program and our social media platforms. We are confident that this cooperation will enable both our organizations to share best practices in executing projects that enhance the quality of life of the underprivileged segments in the UAE.”
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.
Emirates NBD, the leading banking group in the region, was formed on 19 June 1963, when H.H. Late Sheikh Rashid bin Saeed Al Maktoum signed the Charter of Incorporation of the National Bank of Dubai (NBD) which became the first National Bank established in Dubai and the United Arab Emirates (UAE). With the blessings of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, NBD merged with Emirates Bank International (EBI) on 06 March 2007, to form Emirates NBD, the largest banking group in the region by assets. On 16 October 2007, the shares of Emirates NBD were officially listed on the Dubai Financial Market (DFM). The merger between EBI and NBD to create Emirates NBD, became a regional consolidation blueprint for the banking and finance sector as it combined the second and fourth largest banks in the UAE to form a banking champion capable of delivering enhanced value across corporate, retail, private, Islamic and investment banking throughout the region.