Dubai — Mubasher: The Dubai Financial Market (DFM) has signed a memorandum of understanding (MoU) with Awqaf and Minors Affairs Foundation (AMAF) in a bid to boost cooperation and streamline joint procedures related to securities endowment as well as strengthen the efforts of the two entities for the UAE society, according to a recent press release.
The DFM has launched a securities endowment service in 2017 as part of the “Year of Giving” initiatives. Furthermore, the bourse has accelerated its efforts to promote the securities endowment culture in 2018 as part of the “Year of Zayed” initiatives.
“According to the MoU, DFM will issue a National Investor Number (NIN) to AMAF for the purpose of transferring securities from investors’ accounts to the endowment account, enabling the Foundation to manage endowment securities as well as receive cash dividends from such securities through bank transfer,” the press release said.
