The Sharjah ruler has recently issued the endowment law within the Emirate. This type of law is not very common around the world, and the recent implementation within the UAE may be one of the first of its kind.
Endowment involves providing funding to charitable organizations, and the UAE is known to be a considerable donator of aid on a global scale, and the new regulation looks to increase the level of control and transparency for the government.
Specifically, the regulation relates to Waqf, which is a type of Islamic endowment made to a charitable organization.
Law Number 8 of 2018
The new law will consist of 61 Articles and will provide all organizations, both in the public and private sectors, with a set of rulings and guidelines to ensure they remain within the Islamic boundaries when performing any endowment related acts.
Within the law is specified that there shall be no charges or taxes on any endowments or any of its associated costs. Further to this, the law stipulates the different types of donations possible and all related aspects to these. Some of these are as follows:
- Terms and conditions;
- The benefactor’s rights;
- Requirements placed upon those responsible for the endowment;
- Expiration dates.
These are some of the critical areas covered under the law. Changes will be required among some of the local authorities, and upon the date of the enactment, this law shall govern Waqf endowments. It will come into effect from the time of its publishing in the official gazette and will apply throughout all of the Emirate of Sharjah.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.