Date of the Event: 01-10-2018
Memorandum of understanding between Awqaf and Hilal bank
The Awqaf and Al Hilal Bank, Abu Dhabi, signed a memorandum of understanding (MoU) on Sunday, October 29, 2018, with a view of facilitating movement of funds and donations that the bank’s customers may wish to make in support of the Waqf projects, mosque affairs, Quran printing or any other charitable acts of social, religious and cultural benefits that are aimed at achieving the strategic goals of the UAE and the Cabinet’s resolutions that are related to both Islamic affairs and endowments.
Commenting on the move, Dr Mohammed Matar al Kaabi, Awqaf’s Chairman, said, “Building strategic partnerships between Awqaf and the major banks in the UAE is conducive to help achieving the vision of the UAE’s wise leadership in investing and growing Waqf funds in accordance with the most precise economic criteria and most profitable outcomes on the scientific, humanitarian and social services that are part of Awqaf’s mission.”
“Establishing a strategic partnership with Al Hilal Bank will bring remarkable benefits to the donors who contribute to the projects and services that Awqaf offer to the community. From this perspective, Awqaf agreed with Al Hilal Bank on cooperation and consultation in facilitating payment and collection of donation funds that customers wish to offer in support of Waqf services and Islamic affairs projects via the bank’s online channels,” Dr al Kaabi explained.
For its part, the Al Hilal Bank committed to provide, under the MoU, its ATM’s based on the demand and to establish an electronic system for collection of donations and funding Waqf projects. It will also add an icon for Waqf within its website, in addition to the phone banking service as well as developing an application for mobile devices.
On a related note, the MoU was signed by Dr Mohammed Matar al Kaabi on behalf of Awqaf and Mr. Alex Coelho, CEO of Al Hilal Bank. The agreement will be put into effect as of the date of its signing.