Today's Edition
ABU DHABI (ALETIHAD)
The Endowments and Minors’ Funds Authority (Awqaf Abu Dhabi) has signed two Memorandums of Understanding with Abu Dhabi Islamic Bank (ADIB) to strengthen cooperation in developing the endowment ecosystem, accelerating digital transformation initiatives, and supporting the growth of sustainable endowment contributions across the emirate.
The agreements were formalised during an official ceremony in Abu Dhabi and signed by Mohamed Abdelbary, Group Chief Executive Officer of ADIB, and Fahad Abdulqader Al Qassim, Director General of Awqaf Abu Dhabi.
Under the partnership, Awqaf Abu Dhabi and ADIB will introduce an integrated framework designed to support licensed endowment entities in the emirate. This includes endowment companies, institutions, real estate units, farms and other certified structures. These entities will be able to open dedicated, independent bank accounts with ADIB and access a package of preferential Sharia-compliant services tailored to ensure effective, transparent and sustainable management of endowment funds.
The partnership also expands avenues for public participation in charitable giving. Members of the community will be able to contribute directly to six endowment programmes overseen by Awqaf Abu Dhabi — covering healthcare, education, social welfare and Islamic affairs — through ADIB’s mobile and online banking platforms. By integrating these channels, the initiative makes it easier for individuals to contribute securely and support projects that drive social development.
Fahad Abdulqader Al Qassim, Director General of Awqaf Abu Dhabi, said the agreement strengthens the foundations of sustainable philanthropy in the emirate.“The partnership will support facilitating independent banking solutions for endowment entities and enabling secure digital giving channels, strengthening the foundations of sustainable philanthropy in Abu Dhabi.”
Commenting on the agreements, Mohamed Abdelbary, Group Chief Executive Officer of ADIB, said the collaboration aligns with the bank’s support for the UAE’s endowment sector. “Our partnership with Awqaf Abu Dhabi reflects ADIB’s ongoing commitment to supporting the UAE’s endowment sector and enabling greater community participation through innovation and digitalisation. By introducing seamless digital contribution channels and empowering endowment entities with enhanced banking services, we are advancing financial inclusion while reinforcing our shared values of transparency, governance, and social responsibility.”
