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Tuesday, November 29, 2022

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Dubai consortium launches Sukuk Waqf for visually impaired patients

A consortium of entities from the UAE has launched a Sukuk Waqf initiative aimed at supporting visually impaired patients around the world with treatments in conjunction with World Sight Day, an awareness initiative observed every October focusing on eye health.

Shariah compliant savings and investment company National Bonds has collaborated with charity organization Noor Dubai and philanthropic foundation Mohammed Bin Rashid Global Center for Endowment Consultancy to jointly establish Sukuk Al Noor, a humanitarian Waqf initiative that aims to donate profits to people seeking treatment for eye diseases.

The Sukuk fund, through two different types of Waqf — permanent and timed — has set a goal to collect AED100 million (US$27.22 million) in three months to serve 30 million beneficiaries worldwide.

The investment is a sustainable method of depositing suspended funds in a National Bonds savings account, Noor Dubai says on its website. “It is a safe investment initiative for a period of minimum five years … Proceeds made from the account will be transferred to Noor Dubai Foundation and its programs. After the duration is over, the donors can withdraw the actual investment account.”

Previously, the Dubai-based Mohammed Bin Rashid Global Center in April this year also launched a Sukuk Waqf initiative that allows companies and individuals to contribute to humanitarian projects, and in June, Dubai announced the UAE’s first-ever Waqf dedicated to supporting women and children.

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