IslamicFinance.de

The Awqaf and Minors Affairs Foundation (AMAF) has adopted a three-year Endowments Investment Policy. The board meeting was attended by senior board members who reviewed the achievements of AMAF’s newly appointed Charity Work Committee, Investment Committee, and Endowment Development Committee. In addition, it also reviewed the executive regulations of the Dubai Waqf Law No. 14 of 2017 (Dubai Waqf Law) and Dubai Law No. 9 of 2007 establishing Awqaf and Minors Affairs Foundation. The Charity Work Committee presented the financial budget for charitable work in 2018, which has exceeded AED74 million to date. Philanthropic projects during the Year of Zayed included the voucher initiative for needy families worth AED700,000, the AED150,000 Umrah initiative, and the AED450,000 Fund for Cancer Patients. AMAF also joined the project of "Modon Al Khair" to contribute AED500,000 towards the construction of homes for low-income people.

Assets of Islamic banks operating in the UAE amounted to AED565 billion by the end of H1 2018, a 6.7% growth of AED35.5 billion over the corresponding period in 2017. The assets of Islamic banks account for 20.55% of total bank assets in UAE, valued at AED2.749 trillion, by the end of June 2018. The value of credit provided by Islamic Banks during the first half of the year surged to AED367 billion, a growth of 5% against the same period in 2017. Loans and credit facilities provided by Islamic banks made up 22.6% of total loans. Deposits held by Islamic banks amounted to AED392.4 billion, making up 23.3% of total deposits held by UAE banks, estimated at around AED1.7 trillion by the end of June.