Sukuk Al Waqf

What Sukuk Al Waqf does

Sukuk Al Waqf is a Dubai-based Islamic endowment program that enables individuals and corporations to place funds into a Shari'a-compliant Mudaraba investment pool and direct the resulting returns toward charitable projects of their choice. The program is managed by National Bonds Corporation Sole Proprietorship P.S.C., a Shari'a-compliant investment company established in 2006 and wholly owned by The Investment Corporation of Dubai (ICD), the principal investment arm of the Dubai government. National Bonds acts as Mudarib and Fund Manager (Nazir Al Waqf), investing contributor funds in Shari'a-compliant mudarabah instruments, while Awqaf and Minors Affairs Foundation (AWQAF), established under UAE Law No. 6 of 2004, acts as the Waqf agent distributing profits to beneficiary projects. The Mohamed Bin Rashed Global Center for Endowment Consultancy serves as Structure Advisor, and the overall arrangement has been reviewed and approved by a renowned Shari'a board. National Bonds is licensed and regulated by the UAE Securities & Commodities Authority (SCA).

The product surface consists of a single core offering — Sukuk Al Waqf — with two structural variants: Timed Waqf, where the principal returns to the contributor or heirs at maturity, and Permanent Waqf, where the principal is donated permanently and all profits flow to the selected charitable project. Contributors select one of four beneficiary categories: Education, Health, Social Affairs, and Community. Capital protection is claimed per the issuing fatwa, profits are distributed semi-annually, and the program is positioned as the first Islamic endowment sukuk product in the Middle East. Distribution runs through the sukukalwaqf.ae web portal, the National Bonds iOS/Android mobile applications, and direct sales for corporate anchors.

The revenue model is non-commercial on the contributor side: there are no subscription charges or annual fees, individual contributions start at AED 100 in multiples of AED 10, expected returns are up to 3.5%, and corporate contributions of AED 1,000,000 or more unlock premium benefits including the Dubai Endowment Sign, logo placement on sukukalwaqf.ae, and inclusion in National Bonds media coverage. Promotional mechanics include prize draws (AED 8 million for 8 winners) and high-end car awards. The entity is a private sole proprietorship under National Bonds, with no venture capital or private equity involvement; ultimate ownership rests with the Dubai government via ICD.

Name

Sukuk Al Waqf

Legal name

National Bond Corporation Sole Proprietorship P.S.C.

Website

https://sukukalwaqf.ae

Company type

Private

Founded year

2006

Operating status

Operating

Short description

Sukuk Al Waqf is a Dubai-based Islamic endowment program managed by ICD-owned National Bonds, letting individuals and corporations deposit funds into a Shari'a-compliant Mudaraba pool and direct returns to charitable projects.

Ownership category

akta.pro rank

Product category

Islamic Endowment Services

NAICS

Trusts, Estates, and Agency Accounts (525920), Grantmaking and Giving Services (8132)

SIC

Asset-Backed Securities (6189)

akta.pro industry

PRIMARYFSABAGAL

Sukuk Origination & Structuring (Bank-led)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Islamic Banking

SECONDARYFSABAGAH

Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Islamic Banking

SECONDARYFSABAGAG

Islamic Investment Banking & Capital Markets Services

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Islamic Banking

Keywords

• Islamic endowment program
• Shari'a compliant savings
• Mudaraba investment pool
• Waqf charitable giving
• Community development finance

Headquarters

HQ city

Dubai

HQ country

United Arab Emirates

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Mudaraba Investment Management: National Bonds acts as Mudarib (fund manager) and invests contributor funds in Shari'a compliant investments. Profits are distributed semi-annually to Awqaf for charitable projects selected by contributors. No subscription or annual fees are charged to contributors.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels4 records

Core offering

Sukuk Al Waqf is an Islamic endowment program that enables individuals and corporations to place funds in a Shari'a-compliant Mudaraba investment pool managed by National Bonds Corporation. Profits are distributed semi-annually to four beneficiary project categories (Education, Health, Social Affairs, Community) selected by contributors, offering a sustainable ongoing charitable giving (sadaqah jarriyah) vehicle with expected returns of up to 3.5%.

Product overview

Sukuk Al Waqf is a single unified Islamic endowment product offering both Timed and Permanent Waqf options. Contributors place funds in a Shari'a-compliant Mudaraba investment pool managed by National Bonds, with profits distributed semi-annually to their chosen charitable project. The product features four beneficiary categories: Education, Health, Social Affairs, and Community. Corporate packages are available for high-value contributors of AED 1 million or more, with expected returns of up to 3.5% and capital protection.

Differentiator

Problem solved

Functional benefit

Products and services

• Sukuk Al Waqf An Islamic endowment program that allows depositors to place funds in a Shari'a-compliant Mudaraba investment pool managed by National Bonds Corporation. Profits are distributed semi-annually to charitable projects selected by contributors from four beneficiary categories: Education, Health, Social Affairs, and Community. Available in Timed Waqf (principal returns to heirs after maturity) and Permanent Waqf (principal donated permanently to charity) options. Minimum contribution AED 100, expected returns up to 3.5%, with capital protection per Shari'a fatwa.
• Corporate Sukuk Al Waqf A corporate endowment tier of the Sukuk Al Waqf program for contributions of AED 1,000,000 or more. Designed for corporations seeking Shari'a-compliant CSR and community development initiatives. Benefits include the Dubai Endowment Sign, logo placement on the Sukuk Al Waqf website, partnership positioning as an AWQAF contributor, and inclusion in National Bonds media coverage.

Quantifiable outcome

• Expected returns up to 3.5%
• +4 more outcomes

Named customers4 records

Segments6 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Awqaf and Minors Affairs Foundation (AWQAF)coreStrategic or Co-development PartnerThe initiative was launched by Awqaf and Minors Affairs Foundation. AWQAF acts as the Nazir Al Waqf (Waqf agent) and is responsible for managing the Waqf and distributing benefits to support communities as per the contributor's selected project. Established under Law No. 6 of 2004.
• National Bonds CorporationcoreImplementation/ SI/ Consulting PartnerNational Bonds acts as the Mudarib and Fund Manager (Nazir Al Waqf) responsible for investing funds in Shari'a compliant investments and distributing profits to Awqaf. A Shari'a compliant investment company established in 2006, 100% owned by Investment Corporation of Dubai.
• Mohamed Bin Rashed Global Center for Endowment ConsultancycoreStrategic or Co-development PartnerActs as Structure Advisor to ensure the initiative follows best market practices. Partners with Awqaf and Minors Affairs and National Bonds in this innovative endowment program.
• EmiratesminorGTM or Marketing PartnerListed as a partner on the Sukuk Al Waqf website. Emirates connects people globally through their Dubai hub.
• Harbor Real EstateminorGTM or Marketing PartnerListed as a partner on the Sukuk Al Waqf website. An integrated real estate service provider offering holistic services to individual and institutional clients.

Scale indicators5 records

Recent moves6 records

Expansion highlights2 records

Broad incumbents

• Emirates Islamic Bank: A leading UAE Islamic bank offering Shari'a-compliant retail, corporate, and treasury products including sukuk-linked deposits and charitable giving channels. Comparable as a broad incumbent in the UAE Islamic finance ecosystem.
• Dubai Islamic Bank: The largest Islamic bank in the UAE and a major sukuk issuer in global capital markets. Operates Shari'a-compliant retail, corporate, and treasury products that compete with National Bonds' Mudaraba-style offerings.
• Al Rajhi Bank: Saudi Arabia's largest Islamic bank with extensive retail and corporate Shari'a-compliant products. Comparable as a regional incumbent operating at scale in Islamic retail savings and investment products.
• Maybank Islamic: One of the largest Islamic banking franchises in Southeast Asia, offering Shari'a-compliant deposits, investments, and structured products. Comparable as a broad Islamic finance incumbent in a Muslim-majority market.
• Abu Dhabi Islamic Bank (ADCB Islamic): Major UAE Shari'a-compliant banking franchise with corporate, retail, and treasury offerings. Comparable as a government-aligned incumbent offering competing Islamic deposit and investment products.
• Kuwait Finance House: One of the oldest and largest Islamic banks globally, headquartered in Kuwait with full Shari'a-compliant retail, corporate, and treasury offerings including sukuk-related products.
• Qatar Islamic Bank: Qatar's leading Islamic bank offering Shari'a-compliant savings, investment, and financing products. Comparable as a regional incumbent in the GCC Islamic finance ecosystem.
• Bank Islam Malaysia: Malaysia's first full-fledged Islamic bank, offering a comprehensive suite of Shari'a-compliant retail and corporate products including charity-linked savings instruments.

Regional players

• CIMB Islamic: Shari'a-compliant banking arm of CIMB, with operations across Southeast Asia. Comparable as a regional Islamic finance player operating structured investment products in Muslim-majority geographies.

Direct peers

• National Bonds Corporation: The parent and sole operating entity of Sukuk Al Waqf, National Bonds is itself a Shari'a-compliant savings and investment company serving UAE retail, HNW, and corporate clients. It runs the Mudaraba pool and is the closest functional and operational comparator.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/SukukWaqf

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sukuk Al Waqf