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
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