DFM signs agreement with Amaf
Dubai, May 4, 2013
Dubai Financial Market (DFM) said it has signed a 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 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 of custody circumstances no longer exist.
The MoU was signed by Essa Kazim, the managing director and CEO of DFM and Khalid Al thani, the deputy secretary general of the Foundation in the presence of senior representatives from both sides.
Commenting on the deal, Kazim said, "DFM is delighted to sign this agreement with Amaf to create a favourable framework that administers the relationship between the two sides on various actions related to investors under the foundation’s custody."
As per the deal, Amaf will be add to the data base 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, stated Kazim.
"The DFM on the other hand will constantly update its data base in case of an investor placed under the foundation’s custody or the demise of circumstances that led to this status," he added.
Khalid Al Thani said as a key objective, Amaf seeks to rehabilitate orphans or children of unknown parentage to help them become socially responsible and self-reliant individuals. Towards this end, the foundation 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," explained Khalid Al Thani.
"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 DFM will allow us to constantly monitor minors’ investments in the financial market and safeguard them against potential risks," he added.-TradeArabia News Service
Tags: Dubai Financial Market |
More Finance & Capital Market Stories
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook
- GCC urged to set up onshore financial centres
- Consolidation push paying off for Bahrain banks
- Mubadala to focus more on US, Europe
- Six banks join plan for shared customer data register
- UAE economy grows 4pc in 2013
- Egypt foreign reserves up to $17.3bn
- StanChart opens second branch in Iraq
- Oil below $90 to hit GCC economies
- Payfort offers zero deposit scheme to SMEs