The agreement lets investors place their securities in Waqf to support humanitarian and charitable programmes
H.E. Dr Ali Rashid Al Nuaimi: charitable work is a true part of UAE tradition, and making it a pillar of the economy and investment matters greatly
Al Mabarrah International Charitable Association, based in the Emirate of Abu Dhabi, has signed a cooperation agreement with the Abu Dhabi Securities Exchange to launch the "Waqf Securities Service" initiative. The service lets investors place their securities in Waqf for the humanitarian and charitable programmes the Association runs. The step reflects a move towards new, sustainable channels of giving, in line with the aims of Islamic law in sustaining and growing Waqf.
His Excellency Dr Ali Rashid Al Nuaimi, Chairman of the Board of the Association, signed the agreement on behalf of Al Mabarrah International Charitable Association. Mr Abdulla Salem Alnuaimi, Group Chief Executive Officer, signed on behalf of the Abu Dhabi Securities Exchange, in the presence of His Excellency Ghanim Al Mazrouei, Chairman of the Board of the Abu Dhabi Securities Exchange Group. The signing reflects both parties' commitment to stronger institutional cooperation in service of the community.
Remarks by His Excellency Dr Ali Rashid Al Nuaimi
We are pleased to build this partnership with the Abu Dhabi Securities Exchange. It is a new beginning for Al Mabarrah International Charitable Association, and we ask God to bless it. It adds to the charitable and humanitarian work of the UAE, which the leadership of this blessed country and its loyal people embrace.
His Excellency added: "This agreement is about contributing to charitable work, cooperating in humanitarian work, and building this culture with institutions, whether government or private."
His Excellency stressed that charitable work is "a true part of our traditions in the UAE. You will not find a home without someone who has cared for orphans, built a school, helped establish a hospital, built a mosque or helped treat a patient."
He said: "It is in our genes to protect human dignity, to stand with people and to help those in need. So bringing this culture into investment and the economy, and making it a component and pillar of both, matters greatly to the UAE."
In this context, His Excellency noted that "handling corporate tax through donations for the public benefit reduces companies' tax contribution". He said the aim of it all is "for the UAE in all its parts, its leadership, its people, its official institutions across every sector and its private institutions, to stand on charitable and humanitarian work as a pillar, expressing the spirit of the institution, of those who own it and of those who work in it."
His Excellency concluded: "Charitable work opens horizons for success, for institutions and for individuals."
Remarks by His Excellency Ghanim Al Mazrouei
This agreement puts the strength of the Abu Dhabi Securities Exchange in capital markets to work for the mission of Al Mabarrah International Charitable Association, allowing investors to turn investment returns into lasting value for society. The share Waqf service also provides a regulatory framework that lets investors use capital market tools to support humanitarian causes with tangible impact, so that charitable contributions are managed through a sound, effective model in line with leading global practice. This initiative reflects our continued commitment at the Abu Dhabi Securities Exchange to our corporate responsibility to society, and to creating positive impact and advancing the wellbeing and progress of society in Abu Dhabi, the United Arab Emirates and our communities, sustainably, for generations to come.
The agreement and how it works
Under the agreement, the Abu Dhabi Securities Exchange issues a dedicated investor number in the name of Al Mabarrah International Charitable Association for managing the securities Waqf. The Exchange carries out requests to transfer the dividends from these securities to the charitable Waqf account on a regular basis, following its approved procedures, so that resources keep flowing to the Association's programmes and humanitarian projects.
The service lets investors place the securities they own in Waqf while the original holding stays intact. Its dividends and regular returns go to support humanitarian and charitable programmes on an ongoing basis, making it a renewable channel of giving whose impact lasts for years.
The partnership is part of both parties' efforts to develop cooperation on programmes and initiatives of shared interest, and to coordinate their work in service of the community for mutual benefit and stronger social responsibility programmes. It also aims to spread the values of charitable and humanitarian work and to raise awareness and community participation in this field.
The agreement runs for three years from the date of signing and renews automatically for the same period on the same terms. Two approved coordinators, one from each party, will follow its implementation and resolve any obstacles.