The General Authority for Endowments has praised the Council of Ministers' decision dated 24/1/1446 AH, granting the General Authority for Endowments the authority to invest funds from waqf properties deposited with it, which have been expropriated for public interest or for which the competent court has approved disposal. The Governor of the Authority, Mr. Emad bin Saleh Al-Khuraishi, expressed his gratitude and appreciation to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness the Crown Prince - may Allah protect them - for the attention the leadership - may Allah support it - has given to the endowment sector and its constant guidance to support it.
In this context, the Authority points out that the decision will contribute to enabling it to address one of the most important challenges facing the endowment sector, which is related to dealing with funds from waqf properties deposited with the Authority. This will be achieved by activating and investing the funds in a way that achieves the benefit and welfare of those endowments, protects their funds from stagnation or negative impact on their value, and strengthens endowment resources, contributing to fulfilling the waqif's condition and maximizing the developmental and social impact of the endowment.
The Authority confirms that the investment of waqf funds will be carried out according to the highest standards and guarantees adopted by the Authority's Board of Directors, and based on the approval of the waqf's guardian, to invest the endowments under his guardianship, without violating the waqif's condition. Furthermore, the investment will be in investment activities that are permissible according to Islamic law, and the investments will be subject to periodic evaluation by the Authority's Board of Directors to monitor the efficiency of the investment and ensure the application of the aforementioned standards and guarantees. This aims to enhance waqf resources, diversify them, increase their returns, and open new horizons for development projects that take into account the diversity and reality of endowments, enabling the spread of safe and sustainable endowments that fulfill the conditions of their waqifs.
It is worth noting that the General Authority for Endowments, in cooperation with its investment arm, Awqaf Investment Company, is working to activate available investment mechanisms and apply best practices when making investment decisions. This includes building investment products that take into account the regulatory framework in the Kingdom. The products will be introduced and guardians will be guided on the mechanism for collecting profits and knowing the returns of investment operations. Additionally, they will benefit from experts and practitioners, enabling them to achieve the benefit and sustainability of the endowment.
It is noteworthy that the Authority is working to strengthen the endowment sector, its governance, and preservation, develop it, and raise awareness of it by launching innovative endowment products and services for beneficiaries. This is to make it a leader in sustainable development locally and globally, in a way that fulfills the conditions of the waqifs, applies best practices, and establishes systems and regulations that will enhance, develop, and empower endowment work, maximizing its impact on economic and social development and social solidarity.
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