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Emirates Islamic launches charity fund for community support

Emirates Islamic, among the leading Islamic banks in the UAE, today revealed the launch of the Emirates Islamic charity fund, to govern and manage the bank's strategy for charitable donations and offering, among the vital pillars of its general CSR structure.

The Emirates Islamic charity fund will supply financial assistance under a number of main areas, especially food, shelter, health, education and social welfare. Revealing the launch of the fund at a conference held today (17 May, 2016), the bank specified that the fund's activities will be managed by Awatif Al Harmoodi, General Manager, Operational Quality & Processes under the assistance of the bank's senior management. The fund has been set up with the primary objective of allotment of financial aid to large charities, public and private organizations, in addition to people in need.

Talking about the strategic intent behind the launch of the fund, Abdulla Showaiter, Deputy CEO-- Wholesale Banking Management at Emirates Islamic stated: "Charity and returning to the community is a foundation of Islamic finance. As one of the country's largest Islamic banks, we have always supported those in need and we enjoy to now introduce the charity fund which will be devoted solely to oversee our charitable contributions. The establishment of the fund will create a framework to assist the choice process of recipients and its management."

" Since the establishment of our Zakat fund in 2004, Emirates Islamic has actually worked actively to support 28,000 cases of individuals in need. The bank has seen amazing growth over the last four years, leading to a proportionately large quantity of funds now available for charitable causes. It was imperative to produce this fund, which will permit us to equitably and successfully distribute the resources where they are most needed."

" We would like to use this platform, to concentrate on our charitable activities and also to inspire and motivate other organisations and individuals to extend their support to various worthy causes, which will ultimately lead to a much better and happier society".

Elaborating on how the fund will function, Awatif Al Harmoodi stated, "The Emirates Islamic charity fund cements our dedication to giving back to the community and exemplifies the true spirit of providing, according to Shari'a. The fund will reach out to all who require urgent and prioritised financial help."

In 2015 alone, the bank paid out over AED 26 million for charity purposes, consisting of assistance to charitable organizations like Red Crescent, Tarahum Foundation and Beit Al Kheir. The banks also paid the medical expenditures of individuals and supported students through school and college.

Awatif even more included, "Our aim is to proactively determine as well as respond to humanitarian demands to supply aid which can assist the less fortunate meet the basic needs of food, shelter and health. We assist needy families fulfill their basic expenses through month-to-month contributions as well as lend support to needy students to complete their education, the very first and essential step in establishing their professions and supporting their own families. We are also working carefully with the police departments across the emirates, to rehabilitate prisoners and provide them an opportunity for early release from prison."

In 2016, the bank has actually so far distributed nearly AED 30 million dirhams to different charitable causes. In healthcare, Emirates Islamic has actually paid out funds to medical and rehab devices to government and independently run organizations including Ministry of Health, Ajman Club for handicapped and Al Ihsan Medical Complex. The bank has also extended charitable help to Sharjah Police, Ajman Police and RAK Police to enhance prison facilities, upgrade the prisons' pharmaceutical and medical equipment and assist support detainees to settle their Diyya (financial compensation for victims' families).

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