Amaf units under management grow to Dh750m

Awqaf and Minors Affairs Foundation (Amaf) has registered a significant increase in the number of waqf units under management from 1,025 units worth Dh43 million in 2006 when Amaf was established to 3,538 units worth over Dh153 million at the end of 2013, said a press statement on Tuesday.

The rise takes the value of Amaf’s total investments and waqf assets under management to Dh750 million.

Tayeb Al Rais, Secretary General of Amaf, said: “The concept of waqf has always played an important role in human development and has been essential in contributing to the development of the Islamic civilization. Amaf has consistently focused on this Islamic concept by working to achieve sufficient financial returns while maintaining the units.”

Expanding on the projects undertaken by Amaf, Al Rais said: “Khalifa Al Tajer Mosque, popularly known as ‘The Green Mosque,’ was inaugurated during the holy month of Ramadan in 2013 to become the first eco-friendly mosque in the Islamic world. Four projects worth Dh70 million are in the final stages of development including the region’s first waqf community, Family Village, which will offer complete family care to orphans. Eight additional projects valued at Dh71 million have also commenced construction.”

Amaf’s investment management division aims to maximize value while minimizing asset expenditure. Further, the organization works on increasing investment returns, developing asset partnerships and elevating the management of waqf projects and assets. Amaf’s role is most evident in its commitment to ensure asset quality, develop investment policies and improve service levels.

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