Dubai Financial Market Dubai Financial Market

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DFM, AMAF sign MoU to enhance cooperation

(12/5/2018 7:47:00 AM)

The Dubai Financial Market (DFM) signed a Memorandum of Understanding (MoU) with Awqaf and Minors Affairs Foundation (AMAF) in order to enhance cooperation and streamline joint procedures pertaining to securities endowment and strengthen the efforts of the two entities for the greater good of the UAE society.

Essa Kazim, Chairman of DFM, and Ali Al Mutawa, Secretary General of AMAF, signed the MoU in the presence of senior representatives of the two entities.

It is noteworthy that DFM has launched a securities endowment service in 2017 as part of the “Year of Giving” initiatives and has accelerated its efforts to promote the securities endowment culture this year as part of the “Year of Zayed” initiatives.

Essa Kazim said: “DFM has always collaborated with various institutions in the UAE to achieve common goals and benefit our society. We are delighted to sign this agreement with AMAF in order to streamline business relationships and explore opportunities for development as well as strengthen cooperation and knowledge sharing. The MoU creates an efficient framework to promote securities endowment in line with the UAE leadership’s vision, enhancing the country’s notable contributions to all humanitarian sectors.”

Ali Al Mutawa, Secretary General of AMAF, said: “In keeping with our ‘Endowment for All’ principle that we have adopted to promote the culture of endowment across all domains, we are committed to providing individuals and institutions with innovative options of leveraging endowments to empower a wider segment of society. AMAF’s cooperation with DFM, the leading regional and global financial services provider, aims to implement an innovative strategy that enables investors and donors to transfer their endowments directly to the Foundation’s unified endowment securities account.”

According to the MoU, DFM will issue a National Investor Number (NIN) to AMAF for the purpose of transferring securities from investors’ accounts to the endowment account, enabling the Foundation to manage endowment securities as well as receive cash dividends from such securities through bank transfer.

The Gulf Today