AMAF launches strategic plan for 2013-2016

It touches upon various priorities, from financial assets to internal procedures and best practices that the Foundation will endorse.

The strategic plan was announced during an award ceremony that the Foundation hosted in honor of its partners and industry leaders.

Speaking at the occasion, His Excellency Tayeb Al Rais, Secretary General of Awqaf and Minors Affairs Foundation, said, "The year 2012 concluded with intensive deliberations between the Board of Directors and heads of different departments to draw up a viable and results-oriented strategy that articulates the Foundation's vision. We also ensured that our latest plan helps achieve the objectives outlined by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to shape the emirate into a global hub for Islamic economy."

Al Rais added, "As one of the early outcomes of our strategy for the next five years, the Foundation recently launched "Noor Awqaf" in cooperation with the Noor Investment Group. The entity has been established to offer enabling financial services to Awqaf entities around the world. Noor Awqaf will also provide due diligence, financial analysis and assistance in the creation and implementation of strategic objectives for AMAF and other similar entities around the world."

"The halal industry, valued at $2.1 trillion globally, is one of the Islamic sectors targeted by Noor Awqaf. As part of this objective, Noor Awqaf intends to build a business model to position Dubai as a halal centre that facilitates and adds value to the globally expanding market force - in food, pharmaceutical, cosmetic, additives, ingredients, as well as lifestyle and services sectors," he concluded.

His Excellency Khaled Al Thani, Deputy Secretary General of Awqaf and Minors Affairs Foundation, said, "The new strategic plan includes a set of guidelines that define the organization's vision and the way it interacts with the community. These objectives include the protection and development of financial assets of endowments and improving the level of services provided. Upgrading the system (PIMS) to comply with global accounting standards, and ensuring the rehabilitation and empowerment of all minors to help them become participatory members of the community through personal development also feature as some of our top priorities."

He added, "The Foundation's strategic plan will seek to ensure the sustainable development of financial institutions through preparing financial plans and establishing long-term cooperation with government institutions domestically and internationally. It will also position the Foundation as an employer of choice and seek to attract the best human resources through providing an ideal working environment. The plan will additionally aim to increase efficiency and transparency across all systems, processes and procedures in order to achieve professionalism in dealing with stakeholders."

"It is our endeavor to transform Awqaf and Minors Affairs Foundation into a global model for minors' affairs through implementing a series of innovative ideas. Some of the approaches we will take are to proactively develop projects such as the Family Village and the Adahi 'Sacrifice' project, profiling the organization's management locally and globally, and encouraging the application of best international standards and practices to shape a green environment through launching green projects," he concluded.

In 2012, Awqaf and Minors Affairs Foundation generated operating revenues of about Dhs162.74m, up from Dhs146m in 2011. In addition to registering Dhs114.6m in rental income from Awqaf assets at the end of 2012, the Foundation gained total revenue of Dhs78.4m from endowments. Meanwhile, the expenses of allocated endowments accounts totaled close to Dhs25m, which is the equivalent to 97% of the main Foundation's endowment accounts.