Dubai-UAE: 01 May, 2013 – Dubai Financial Market (DFM) today signed a Memorandum of Understanding (MoU) with Awqaf & Minors Affairs Foundation (AMAF), as part of the two sides' deep belief in the importance of mutual collaboration and orchestrated efforts for the good of the UAE society.
The MoU was signed by H.E. Essa Kazim, Managing Director and CEO, DFM, and H.E. Khalid Al thani, Deputy Secretary General of the Foundation, in the presence of senior representatives from both sides.
Commenting on this, Essa Kazim said: “DFM has always been committed to collaborate with institutions and organizations in the UAE with the aim to achieve our mutual goals and the benefit of our society. In this context, we are delighted to sign this agreement with Awqaf & Minors Affairs Foundation to create a favorable framework that administers the relationship between the two sides on various actions related to investors under the Foundation's custody.
“According to this MoU, AMAF will be added to the database of investors under its custody so that it can benefit from the swift and sophisticated services of DFM and easily track any actions related to the ownership, transactions and dividends for the concerned investors. The DFM on the other hand will constantly update its database in case an investor is placed under the Foundation's custody or the demise of circumstances that led to this status.”
Khalid Al Thani, Deputy Secretary General of Awqaf and Minors' Affairs Foundation, said: “As a key objective, Awqaf and Minor Affairs Foundation seeks to rehabilitate orphans or children of unknown parentage to help them become socially responsible and self-reliant individuals. Towards this end, AMAF serves as guardians, offering financial, educational, social, and medical aid, as well as security and support.
“For minors with inheritance, AMAF takes responsibility of the assets investing them in risk-free and profitable ventures without charging any fee for the services. The principal amount as well as the profit is returned to the wards once they come of legal age. Our memorandum of understanding with the Dubai Financial Market will allow us to constantly monitor minors' investments in the financial market and safeguard them against potential risks.”
As a general framework, the MoU sheds light on areas of collaboration such as sharing information about actions and dealings on shares and funds owned by minors and other investors under the Foundation's custody through the inclusion of the AMAF into the DFM's data base. The MoU also defines ways of dividend distribution for investments accounts managed by the AMAF either through the issuance of cheques, or direct transfer to the Foundation's bank account. The agreement also administers the process of permitting investors under custody to manage their investments in case custody circumstances no longer exist.