Emirates Islamic launches charity fund for community support
May 17, 2016
Emirates Islamic, one of the leading Islamic financial institutions in the UAE, today announced the launch of the Emirates Islamic charity fund, to govern and manage the bank’s strategy for charitable donations and giving, one of the key pillars of its overall CSR framework.
The Emirates Islamic charity fund will provide financial aid under several main areas, especially food, shelter, health, education and social welfare. Announcing the launch of the fund at a conference held today (17 May, 2016), the bank stated that the fund’s activities will be managed by Awatif Al Harmoodi, General Manager, Operational Quality & Processes under the guidance of the bank’s senior management. The fund has been set up with the primary objective of allocation of financial aid to large charities, public and private institutions, as well as individuals in need.
Discussing the strategic intention behind the launch of the fund, Abdulla Showaiter, Deputy CEO – Wholesale Banking Management at Emirates Islamic said: “Charity and giving back to the community is a cornerstone of Islamic finance. As one of the country’s largest Islamic banks, we have always supported those in need and we are happy to now launch the charity fund which will be dedicated solely to oversee our charitable contributions. The establishment of the fund will create a framework to guide the selection process of beneficiaries and its management.”
“Since the establishment of our Zakat fund in 2004, Emirates Islamic has worked actively to support 28,000 cases of people in need. The bank has seen remarkable growth over the last four years, leading to a proportionately large amount of funds now available for charitable causes. It was imperative to create this fund, which will allow us to equitably and effectively distribute the resources where they are most needed.”
“We would like to use this platform, to focus on our charitable activities and also to inspire and motivate other organisations and individuals to extend their support to various worthy causes, which will eventually lead to a better and happier society”.
Elaborating on how the fund will function, Awatif Al Harmoodi said, “The Emirates Islamic charity fund cements our commitment to giving back to the community and exemplifies the true spirit of giving, according to Shari’a. The fund will reach out to all who require urgent and prioritised financial help.”
In 2015 alone, the bank disbursed over AED 26 million for charity purposes, including support to charitable institutions like Red Crescent, Tarahum Foundation and Beit Al Kheir. The banks also paid the medical expenses of individuals and supported students through school and college.
Awatif further added, “Our aim is to proactively identify as well as respond to humanitarian requests to provide aid which can help the less fortunate meet the basic needs of food, shelter and health. We help needy families meet their basic expenses through monthly contributions as well as lend support to needy students to finish their education, the first and vital step in developing their careers and supporting their own families. We are also working closely with the police departments across the emirates, to rehabilitate prisoners and give them an opportunity for early release from prison.”
In 2016, the bank has so far distributed nearly AED 30 million dirhams to various charitable causes. In healthcare, Emirates Islamic has disbursed funds towards medical and rehabilitation equipment to government and privately run institutions including Ministry of Health, Ajman Club for disabled and Al Ihsan Medical Complex. The bank has also extended charitable aid to Sharjah Police, Ajman Police and RAK Police to improve prison facilities, upgrade the prisons’ pharmaceutical and medical equipment and help support prisoners to pay off their Diyya (financial compensation for victims’ families).