Dubai: Over Dh30 million distributed to minors from investments' profits

Profits amounting to Dh30.4 million, from investments of minors and those under guardianship, were distributed by the Awqaf and Minors Funds Management Foundation (AMAF) in Dubai. This is in line with the foundation’s primary role in caring for and investing the funds of minors.

The profits were distributed to 2,263 minors and those in their care, representing a 13 per cent increase from the fiscal year 2023. During 2023, the profits amounted to approximately Dh 26.7 million.

Ali Mohammed Al Mutawa, Secretary-General of AMAF, affirmed the foundation’s commitment to working in accordance with the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, by adhering to its primary role in managing the funds of minors and those in their care and investing them in the best possible way to support this segment of society, while ensuring their interests are fully protected.

Al Mutawa said that the Foundation has achieved a high annual increase in investment returns compared to previous years, and includes real estate and commercial investments and financial shares, noting that this increase in profits reflects the Foundation’s efforts to preserve the funds of minors without exposing the capital to risk, in addition to developing and advancing it in accordance with the provisions of Sharia.

The Foundation invests its financial assets in a number of public joint-stock companies of government entities, such as Parkin, Salik, Dubai Electricity and Water Authority (DEWA), and other successful public companies.

Al Mutawa pointed out that the Foundation aspires to increase its investments and open new horizons in the field of organising and developing minors' projects to increase financial returns and reduce expenses in an effort to ensure optimal care for minors' funds and good spending management while ensuring that investment returns reach their beneficiaries in cooperation with the relevant authorities.

The financial results reports for the balances of those covered by the management of their funds from minors and those in their position amounted to Dh1.015 billion by the end of 2023, including bank deposits, real estate portfolios, commodity and product portfolios, and real estate investments.

The Law of Awqaf and Minors’ Funds Management Foundation in Dubai, No. (17) of 2022, has set a set of important objectives, foremost of which is contributing to achieving the vision of the UAE in the areas of development, achieving the happiness and well-being of its people. It also includes developing the endowment through a contemporary Islamic and social perspective, encouraging charitable people to revive and consolidate the endowment as a good tradition. Other objectives are caring for endowments, preserving them, managing them and investing their assets, in a way that achieves their legitimate objectives, in addition to enhancing the role of endowments, gifts and wills to advance society and achieve social solidarity among its members.