Dubai will host a new asset management firm specialising in awqaf (Islamic endowments), as the emirate seeks to become a global centre for the business of sharia-compliant charitable foundations, company officials said on Sunday.
Awqaf are believed to control tens of billions of dollars worth of assets around the Muslim world, where people contribute a portion of their wealth, in cash or other forms, to charitable projects such as mosques and schools. Consultancy Ernst & Young estimates awqaf had roughly US$105bn of assets in 2010………………………………………..Full Article: Source