Waqf Trust Services ("Waqf"), an initiative of DIFC Investments and Dubai Islamic Bank (DIB), announced today that it has signed a Memorandum of Understanding (MoU) with the Awqaf & Minors Affairs Foundation ("AMAF") to cooperate and coordinate activities and endeavours for economic and social development within the UAE community.

The Awqaf & Minor Affairs Foundation is a Dubai Government initiative to adopt and care for minors, manage and invest their funds, and socially qualify and empower them until they come of age. The AMAF's prime responsibility is the management and investment of its funds to set up successful economic projects by following the most modern methods of fund investment according to Islamic Shari'a provisions.

Waqf Trust Services was established in July 2007 and is the first Shari'a compliant provider of trust services in the DIFC. It offers a diverse range of trust services for both corporate and individual clients, primarily encompassing asset protection tools, succession planning and the preservation of family wealth.

The Memorandum sets out to determine an appropriate framework, within which the cooperation between Waqf and AMAF shall be developed in order to enhance and invest the endowments and minors' funds, as well as raise the awareness of the charity, its scientific and social programmes and events, so as to benefit the local community across the UAE.

Farhan Bahman Al Bastaki, CEO of Waqf, said today: "Charity is an essential aspect of Shari'a compliant finance, therefore Waqf takes great pleasure in promoting and contributing to a number of well deserving causes in the region. As a pioneering and innovative Shari'a compliant initiative, Waqf is delighted to have reached an agreement with AMAF, which we believe will be of true benefit to the region's community and regional economy. Our alliance will ensure the wellbeing and development of the minors' funds whilst actively raising awareness of the progressive role of endowment and minors’ care. We feel privileged to play an important role in the foundation's charitable work."

Engineer Abdul Rahman Al Shared, Secretary General of the Dubai Awqaf and Minors Affairs Foundation of Messrs Awqaf & Minors Affairs Foundation commented: "At AMAF we aim to develop the concept of social solidarity, which will enhance the local community and develop a sense of unity and concern for the well-being of others. We are delighted to have the support of Waqf in our quest to promote the significant role that charities play in every society, and to encourage local people to contribute to this well-deserving cause. We believe that this agreement illustrates Waqf's respect for the work that we do and their long term commitment to the local community and regional economy."