"Islamic Affairs and Endowments" The Central Bank organizes the Cash Endowment Forum
Abu Dhabi, 28 November / WAM / The General Authority for Islamic Affairs, Endowments and Zakat, in cooperation with the Central Bank of the Emirates, yesterday in Abu Dhabi, organized the Cash Endowment Forum under the slogan, “Continuous Financing, for a Prosperous Society,” in the presence of a number of Their Excellencies, scholars, and an elite group of experts and financiers in the country and abroad to discuss the best experiences and practices, and propose legislative frameworks and operational models that move the cash endowment from the scope of theory to the space of actual impact on people’s lives, in order to achieve its goals. Legitimacy, humanity and development.
The organization of the forum was based on the pioneering role of the endowment in promoting comprehensive development, and as an extension of the cultural heritage in which the endowment represented a pillar of scientific, social and economic advancement throughout history.
The forum aims to enhance community awareness of the developmental role of cash endowments, highlight its impact in supporting society and improving the quality of life, highlight it as a legitimate and effective tool in serving society, and move towards launching institutional initiatives and partnerships that enhance the integration of roles between endowment entities and the financial and community sectors, while keeping pace with digital transformation and investing in artificial intelligence tools in managing cash endowments, and reviewing leading global experiences, to benefit from models of success and disseminate best practices to establish sustainable cash endowment funds and portfolios that contribute to financing projects. Community and development.
Participating in the opening session were His Excellency Abdullah bin Bayyah, Chairman of the Emirates Council for Sharia Fatwa, His Excellency Dr. Omar Habtoor Al-Dari, Chairman of the General Authority for Islamic Affairs, Endowments and Zakat, and His Excellency Dr. Muhammad Nasser Abu Hamour, former Minister of Finance of the Kingdom of Jordan, and His Excellency Ibrahim Al-Sayyid Muhammad Al-Hashimi, Assistant Governor of the Central Bank of the United Arab Emirates.
His Excellency Ahmed Rashid Al Neyadi, Director General of the General Authority for Islamic Affairs, Endowments and Zakat, opened the scientific sessions of the forum, and then the participants, including scholars and specialists in endowment affairs and the development of its projects, presented the first participation, His Eminence Dr. Ahmed Abdel Aziz Al-Haddad, member of the Emirates Council for Sharia Fatwa, about the cash endowment: its concept, legitimacy, and controls.
In the second session, His Eminence Prof. Dr. Hashem Jameel, Sharia Opinions Expert at the Emirates Council for Sharia Fatwa, discussed the jurisprudential developments in the cash endowment, and in the third session, His Excellency Abdul Rahman Al-Aqeel, Deputy Governor of the General Authority for Endowments for the Banking Sector and Development Programs in the Kingdom of Saudi Arabia, shed light on the topic of cash endowment applications and financial sustainability.
Regarding the innovation of cash endowment resources and sustainable financing strategies, Her Excellency Zainab Juma Al Tamimi, Director of the Mohammed bin Rashid Center for Endowment and Endowment Consultations, spoke in the fourth intervention. The fifth intervention was also presented by Dr. Saad Al Baqali, Director of the Supreme Sharia Authority at the Central Bank of the Emirates, about the role of Islamic banks and the private sector in supporting the cash endowment. In the sixth session, Dr. Abdel Qader Azerar, Secretary General of the Supreme Council for Endowment Financial Control in the Kingdom of Morocco, spoke about the foundations of evaluating the quality of cash endowment investments. Then the intervention was The last one by Dr. Humaid Al-Asli Al-Shamsi, Director of the Authority’s Digital Transformation Department, about artificial intelligence and digital transformation in the management of cash endowments.
The forum concluded with important results, from which forward-looking recommendations emerged, the most prominent of which are: the necessity of strengthening the legislative and regulatory frameworks for cash endowments, through integrated efforts between the endowment, supervisory, and financial authorities in the country, leading to the preparation of a draft decision regarding the cash endowment system, and the establishment of cash endowment funds and portfolios directed to development priorities, while adopting successful investments and adopting clear indicators to measure impact, in addition to the importance of investing in artificial intelligence in developing a national digital platform for cash endowments, based on… High governance and easy and safe means of payment, with transparent periodic reports on performance, returns, areas of disbursement, and the record of donors and beneficiaries, in addition to encouraging studies and scientific research specialized in cash endowments, comparative experiments in managing endowment investment funds and portfolios, and including its topics in university programs and research centers; To enhance the knowledge and application balance in this field.
For their part, a number of attendees of the forum praised the importance of the role played by the UAE in enhancing community awareness of the developmental role of the cash endowment, and highlighted this role to members of society and encouraged them to do so, in light of the recent changes we are witnessing that contribute to implementing this.
His Excellency Ahmed Rashid Al Neyadi said that the forum is one of the most prominent initiatives of the General Authority for Islamic Affairs, Endowments and Zakat, in cooperation with the Central Bank, as it aims to introduce members of society to the importance of cash endowment, and the UAE’s always leading role in charitable work, pointing out that the recommendations of the forum confirm the importance of cash endowment and its positive impact on society.
For his part, His Eminence Dr. Ahmed Abdel Aziz Al-Haddad said, We are now in the world of advanced criticism, and paper criticism is no longer like before, and since the endowment is the basis of the endowment and the basis of education and society, we must implement the endowment with these developments, so that we can help our societies better, pointing out that the endowment was and still is an essential factor in civilization and its development.
For her part, Her Excellency Zainab Juma Al Tamimi pointed out that the endowment has become part of the innovation system in the UAE, stressing the need to keep pace with smart changes and developments in order to innovate in the field of endowment, and spread its concept among all members of society.
For his part, His Excellency Muhammad Nasser Abu Hammour explained that the cash endowment is a very important matter in endowments, especially since it allows all members of society the ability to implement it, unlike real estate endowments and others, pointing out that the forum opened great horizons about the importance of the cash endowment, its management, and introducing members of society to it.
For his part, His Excellency Abdul Rahman Al-Aqeel stressed that what the UAE is doing in this regard is a distinguished movement towards building the future of endowments and enhancing its contribution in this regard, pointing to the UAE’s excellence in this field, which was evident through the forum’s theses that contribute to serving the endowment sector.
For his part, Dr. Abdul Qadir Azirar pointed out that the forum is a unique opportunity to exchange views and ideas about the cash endowment, modern financial tools, the correct foundations, and the mechanisms that can be developed in order to invest in the cash endowment, praising the experience of the United Arab Emirates in this regard.
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