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13 July 2024

Sheikh Khalifa approves world’s first "Endowment Law"

By Wam

President His Highness Sheikh Khalifa bin Zayed Al Nahyan has adopted the Law of Charitable Endowment in the UAE to further promote the values of helping and generosity instilled by the founding father, the late Sheikh Zayed bin Sultan Al Nayhan. The Law provides an enabling environment for charitable work, community participation and social solidarity in all aspects of life.

The Endowment Law comes in line with Sheikh Zayed’s legacy in humanitarian work and his generous contributions to the advance communities, schools, universities, infrastructure projects, housing and clean water and other charitable projects. Today, the UAE has maintained its ranking as the world’s largest donor of official development aid for the fifth consecutive year.

The Law aims to provide the best legislative environment for the establishment of endowments in the UAE and the world. It seeks to expand the benefits of the endowment to cover various social, scientific, cultural and environmental fields. The Law reflects UAE’s culture of tolerance and giving as it allows individuals and institutions to contribute to the financing of charitable projects, and opens the door for all society segments, Muslims and non-Muslims, to take part in the endowment process.

The detailed Law of Endowment, which includes 40 articles, provides definitions and types of the endowment. The law includes articles relating to endowment process, provisions, and legislative requirements. It takes into account the global changes in the economic environment in order to provide an innovative and stimulating environment for the developmental work that contributes to education, health, culture and the environment.