The General Authority for Endowments has recovered one billion and five hundred million Saudi riyals for a number of endowments and has protected assets worth one hundred billion riyals.

In line with the strategic role of the General Authority for Endowments in developing systems and governance in the endowment sector to be more flexible and suitable for current and future needs, and to enhance oversight and transparency, and with the expiration of the deadline for settling the status granted by the regulation of the affairs of the endowments, the Authority has conducted examination and auditing to ensure the adherence of trustees to the conditions of the benefactors, the provisions of the regulation, and the related instructions.

These measures have contributed to protecting endowment entities that own various financial assets valued at approximately one hundred billion riyals, and developing corrective plans to recover amounts for the benefit of the endowments, amounting to around one billion and five hundred million riyals. The Authority believes that achieving sustainable development in the endowment sector comes through raising the level of governance, establishing oversight mechanisms that contribute to the implementation of the conditions of the benefactors, preserving the rights of beneficiaries, and achieving the objectives for which the endowments were established, in addition to protecting the endowments from unauthorized exploitation.

The processing concluded by identifying a set of violations committed by the trustees or those responsible for managing those endowments and issuing administrative decisions against the violators in accordance with the regulations and systems issued by the Authority. The most prominent of these violations include mixing endowment funds with the personal funds of the trustee or others, failure to open a bank account in the name of the endowment, violation of the conditions of the benefactor in disbursing the proceeds of the suspended assets, failure to prepare financial reports and data for the endowment, failure to provide the entitled beneficiaries of the endowment with their entitlements from the endowment proceeds, misappropriation of endowment funds, as well as other violations related to registering the endowment and its assets with the Authority.

It is worth mentioning that the General Authority for Endowments works on regulating the endowment sector, preserving it, and developing endowment services provided to beneficiaries, and works on the development and sustainability of the sector in order to fulfill the conditions of the benefactors by applying best practices, enacting regulations and laws that enhance endowment work. This is to enhance the role of endowments in economic and social development and social solidarity in accordance with the objectives of Islamic Sharia and regulations and to achieve the aspirations of the wise leadership for the Kingdom to be a pioneer in the non-profit sector.