Yes.it is an initiative by Awqaf & Minors Affairs and Mohamed Bin Rashed Global Center for Endowment Consultancy that will be managed by National Bonds corporation, a Shari’a compliant investment company owned by the Investment Corporation of Dubai. It is structured as per the approved Waqf structure and the product has been reviewed and approved by a renowned Shari’a board. Refer to the FATWA section for more details.
Saddaqah is one time, while Waqf is a sustainable ongoing endowment.
Waqif will have the option to choose from 4 different projects to support within the community. Awqaf will act as the agent to distribute the profits to those projects as per the customer’s selection.
National Bonds will be the Mudarib and Fund manager (Nazir Al Waqf)
There are no subscription charges or annual fees.
AED 100
Zakat is not applicable on Waqf
Zakat is not applicable on Permanent Sukuk AlWaqf. Zakat is applicable on Timed Sukuk AlWaqf once it is released back to the customer where it will follow the Zakat rules.
(The first of its kind in the Middle East, Sukuk Al Waqf, is an innovatice endowment from the Awqaf and Minors Affairs Authority, in partnership with the Mohammed bin Rashid International Center for Endowment and Endowment Consultation, and National Bonds.)