Mohammed Bin Rashid Global Centre for Endowment Consultancy
Dubai - WAM
Carmen Perfumes announced the launch of an endowment to fund computers for underprivileged students by paying a proportion of their profits for the benefit of purchasing computers for university students. This will be arranged with one of the official charity associations.
The initiative was launched subsequent to the interaction between Carmen Perfumes, which was launched by Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, to revive the practice of endowment through innovative applications.
The concept of applying endowment principles to support underprivileged students comes from Carmen in coordination with the Mohammed Bin Rashid Global Centre for Endowment Consultancy (MBRGCEC) to strengthen the utilisation of endowment through innovative applications into projects that are not necessarily confined to traditional frameworks.
Based on this initiative, Carmen will receive the Dubai Endowment Sign from the MBRGCEC, one of the key initiatives under the Mohammed bin Rashid Global Initiatives, in recognition of their contribution to the community as a model for private sector enterprises.
Amer Murid, Director, Carmen Perfumes stated, "Innovation in Endowment is an essential element in the Global Vision for Awqaf, which was launched by Sheikh Mohammed bin Rashid , and this vision has developed the infrastructure to revive the Waqf through innovative means. Companies and institutions in the private sector have an important developmental role in the community, and community development is an integral part of the private sector system everywhere. For this reason, we have chosen an important social need to support our role in social development, which is to help students and support their education by paying for the purchase of computers for students from families that are unable to afford the cost."
He added, "Innovation in Endowment is a new addition to the development of communities. The Global Vision launched by Sheikh Mohammed bin Rashid has transformed the traditional practice of Waqf to an innovative tool that can be harnessed by anyone. The Dubai Endowment Sign launched by His Highness sheds light on what we do to serve our society and is reflection of the beauty of our city and its collective intentions. "
Dr. Hamad Al Hammady, Secretary-General of the Mohammed bin Rashid Global Centre for Endowment Consultancy stated, "The Innovative Waqf as part of the Global Vision for Endowments, which was launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai has opened a wide door to the development of communities, which brings this important development tool to support community development. The innovative Awqaf adopted by Mohammed bin Rashid Global Centre for Endowment Consulting serves to provide unlimited opportunities for government and private sector institutions and works to advance the narrow definition of Awqaf and its perception, hence the importance of the contribution of the public and private sectors community, which can devise initiatives that support the development of communities and meet various social needs.
The Centre will also provide the necessary consulting to public and private institutions in promoting community contribution by the Dubai Endowment Sign, which helps build a range of community services that address the most important needs of the community through the active participation of institutions.
The Dubai Endowment Sign was launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, as a key initiative of the Global Vision for Awqaf and Endowments, and highlights community participation by providing an opportunity to government and private sector institutions to participate in community service through innovative endowments in favor of the development needs of the community.
The Mohammed Bin Rashid Global Centre for Endowment Consultancy, one of the Mohammed bin Rashid Global Initiatives, will oversee the largest global initiative to revive Endowments including legislation and rules for endowments, products and services and the Endowment district. The new Centre will work on the implementation of the Dubai Awqaf and Endowments Strategy and achieving the Global Vision in this area by stimulating and empowering awqaf and endowments to meet the pressing social needs of people.
The Centre will provide services to members of local, regional and global institutions at no cost to convert Awqaf into one of the main catalysts of development in the Arab world. The Centre works to provide Awqaf and endowment consulting according to international best practices, and consulting in wqaf and endowments deployment options to enhance the social impact for the benefit of the Arab people. The Centre also works on knowledge management in the field of Awqaf and endowments through research, studies and the organization of conferences, workshops and partnerships, as well as capacity-building and raising the efficiency of employees working in this area.
Dubai's Global Vision of Awqaf and Endowments, aims to revive Endowments and transform Dubai into a global center to stimulate and enable Awqaf and endowments to serve humanity through eight enablers including a comprehensive strategy, a clear legislative environment, effective consulting, adopting global best practices in the creation and management of Awqaf and endowments foundations, maximize the impact of Awqaf and endowments through highlighting innovative social opportunities, monitor urgent social needs that can be addressed by Awqaf and endowments, and finally by stimulating Awqaf and endowment through collective funding opportunities.
These eight enablers work together in an integrated approach to achieve Dubai’s global vision in this area. These enablers address four strategic objectives, the first of which is to turn Dubai into a catalyst to serve the community through endowments and donations. The second objective is to transform Dubai into a strategic regional hub to meet the social needs in the Arab world harnessing Awqaf and endowments. The third objective is to transform Dubai into a source of global best practices for Awqaf and endowments, while the fourth objective is to transform Dubai into a global center for research and expertise of Awqaf and endowments.
The Centre utilises the Dubai Monitoring system for the social needs in the Arab world, a system created by the Centre for monitoring the most prominent social needs that can be met through Awqaf and endowments in the Arab world. The system harnesses reliable global data sources to calculate and develop a heat-map of the most important needs of each country in the Arab world. The system data is updated periodically. The Mohammed Bin Rashid Global Centre for Endowment Consultancy also provides consulting in this area for the concerned local, regional and global institutions.
The Centre has also developed a Best Practices Guide for Awqaf and endowments that combines global best practices with practical examples of various international experiences in the creation and management of Awqaf and Endowment foundations.
The Centre provides the necessary consulting in this area for existing or yet-to-be-established Awqaf and endowment institutions.