IslamicFinance.de

Dubai is in talks with Islamic endowments, or awqaf, in other countries to promote its drive for the industry to become more efficient and profit-oriented. Dubai wants to become a centre for modernising awqaf and coordinating their activities in order to make them more financially successful. The Emirate plans to establish an international body during the first half of next year that would handle cooperation with other emirates and countries. It would be managed jointly by members and include non-awqaf charities that operated in similar ways. In March, Dubai said it was launching the new asset management firm NoorAwqaf that would specialise in handling awqaf assets. With 10 million dirhams ($2.7 million) of paid-up capital, the new firm would offer services including due diligence, financial analysis and assisting awqaf to develop their strategic objectives.