Innovative endowment is a developmental tool for societies, we want everyone to be part of it

Mohammed Algergawi, Secretary General of the Mohammed Bin Rashid Global Initiatives quoted His Highness Sheikh Mohammed mentioning a clear objective at the launch of the Mohammed Bin Rashid Global Centre for Endowment Consultancy, which is reviving endowment as a developmental tool for societies.

In one month the Centre, the 30th member of the Mohammed Bin Rashid Global Initiatives, has achieved an impactful support by large, medium, and small enterprises.

Innovative endowment launched by Sheikh Mohammed has opened doors for all enterprises regardless of their size to be part of society development, he said, adding, "In one month, these enterprises have supported education, health, society campaigns, innovation, future research, medical research, youth projects and many other fields."

The Dubai Endowment Sign was launched by His Highness Sheikh Mohammed, as a key initiative of the Global Vision for Endowments, and highlights community participation by providing an opportunity to government and private sector institutions to participate in community service through innovative endowments in favor of the development needs of the community.

The Mohammed Bin Rashid Global Centre for Endowment Consultancy, one of the Mohammed bin Rashid Global Initiatives, oversees the largest global initiative to revive Endowments including legislation and rules for endowments, products and services and the Endowment district.

The Centre works on the implementation of the Dubai Awqaf and Endowments Strategy and achieving the Global Vision in this area by stimulating and empowering awqaf and endowments to meet the pressing social needs of people.

The Centre provides services to members of local, regional and global institutions at no cost to convert Awqaf into one of the main catalysts of development in the Arab world. The Centre works to provide Awqaf and endowment consulting according to international best practices, and consulting in wqaf and endowments deployment options to enhance the social impact for the benefit of the Arab people.

The Centre also works on knowledge management in the field of Awqaf and endowments through research, studies and the organization of conferences, workshops and partnerships, as well as capacity-building and raising the efficiency of employees working in this area.

The Global Vision for Endowments, aims to revive Endowments and transform Dubai into a global centre to stimulate and enable Awqaf and endowments to serve humanity through eight enablers including a comprehensive strategy, a clear legislative environment, effective consulting, adopting global best practices in the creation and management of Awqaf and endowments foundations, maximise the impact of Awqaf and endowments through highlighting innovative social opportunities, monitor urgent social needs that can be addressed by Awqaf and endowments, and finally by stimulating Awqaf and endowment through collective funding opportunities.

These eight enablers work together in an integrated approach to achieve Dubai’s global vision in this area. These enablers address four strategic objectives, the first of which is to turn Dubai into a catalyst to serve the community through endowments and donations. The second objective is to transform Dubai into a strategic regional hub to meet the social needs in the Arab world harnessing Awqaf and endowments.

The third objective is to transform Dubai into a source of global best practices for Awqaf and endowments, while the fourth objective is to transform Dubai into a global centre for research and expertise of Awqaf and endowments.

The Centre utilises the Dubai Monitoring system for the social needs in the Arab world, a system created by the Center for monitoring the most prominent social needs that can be met through Awqaf and endowments in the Arab world.

The system harnesses reliable global data sources to calculate and develop a heat-map of the most important needs of each country in the Arab world. The system data is updated periodically. The Mohammed Bin Rashid Global Centre for Endowment Consultancy also provides consulting in this area for the concerned local, regional and global institutions.

The Centre has also developed a Best Practices Guide for Awqaf and endowments that combines global best practices with practical examples of various international experiences in the creation and management of Awqaf and Endowment foundations.

The Guide explains the best way for the formulation of strategic plans for organisations that operate in the field of Awqaf and endowments customized based on each organisations’ needs, size and objectives.

The Guide also includes options for organisational structure, the general framework for setting priorities for projects to maximise social impact, investment management, performance indicators, as well as development operations. The Centre provides the necessary consulting in this area for existing or yet-to-be-established Awqaf and endowment institutions.

Source :WAM