DUBAI // Charitable donors are being urged to look beyond mosques, the traditional beneficiaries of the endowments known as awqaf, when deciding where their money should go.
They should consider supporting schools, clinics and those with special needs, says the head of the Awqaf and Minors Affairs Foundation. Another priority is the provision of an orphanage.
Dubai has hundreds of mosques but no home for children who have lost their parents, said Tayeb Abdulrahman Al Rais, the foundation's secretary general.
The foundation, part of the Dubai Government, acts as a charitable trust, collecting the endowments, investing the money and using the proceeds in the manner selected by the donor. The endowments are made in accordance with Islamic law.
Awqaf is not mentioned in the Quran but are referred to in some hadiths, which are the sayings of the Prophet Mohammed.
"With awqaf, the first thing that comes to everybody's mind is a mosque and we want to change that," said Mr Al Rais.
"We want to invite them here and go through it with them so they can make the right decision about where the community needs their assistance."
The foundation has five awqaf accounts - mosques, health, education, social and general.
"Out of the returns on investments last year and the year before, and this year, 80 per cent goes back to be spent on the mosques," Mr Al Rais said.
"I have just 20 per cent in the other four funds. In 2010-11 we transferred Dh44 million to be spent on the maintenance and salaries of the employees of the 250 mosques that we are responsible for. I'd like to see people put more into the other funds."
He stressed that he did not wish to reduce the value of the mosque fund but raise the others up to the same level.
Donors can contact the foundation, whose experts advise on how endowments can best be used to help the community.
"We want to urge people: if you want to do something, please call us, we'll give you solutions."
He added that "we need clinics, we need schools, hospitals, an orphanage. We need money in the social fund, the general fund and the education and health funds.
"You want to help the community? We'll help you to help the community - that's our responsibility."
The foundation received a large endowment last week, and the proceeds will be channelled into the general fund.
The largest single endowment received to date was Dh20m given by Khalaf Ahmad Al Habtoor to provide apartments in Al Quoz for people on low incomes.
Mr Al Rais revealed he was expecting to receive an even larger amount within the next few weeks.
He said it was not only the rich who could make a difference with their donations, and some endowments came from non-Muslims.
In one case, a huge sum was collected from the community in small amounts to fund a project.
"Nobody came and gave me Dh10m. No, this was Dh200s and Dh500s, and 1,000 and 5,000 and 10,000 … and we collected Dh60m.
"If you have a dirham that you can spare, we would be more than happy to take it off your hands.
"Once you've taken money out your pocket and you want to spend it on somebody else, someone you don't know, that's the most dear thing."
csimpson@thenational.ae
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
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Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
