The General Authority for Endowments has introduced regulations for fundraising to establish or finance endowments through the "Istitlaa" platform.

In an effort to enhance collaboration, preserve endowments, and sustain their assets, the General Authority for Endowments has introduced a regulation for fundraising aimed at establishing or financing endowments through the "Istitlaa" platform. The goal is to empower the public and all interested parties to express their opinions. This regulation aims to create a regulatory framework for fundraising to establish and finance endowments, protect endowments from disappearance or damage through legitimate funding alternatives, open the door for new segments of donors in the endowment sector, increase the size of the endowment sector by encouraging the establishment and financing of endowments, and regulate the terms of fundraising campaigns for the establishment and financing of endowments. This will contribute to organizing the endowment sector, ensuring its sustainability, and developing the overall endowment environment and the work of supervisors.

The Authority explained that the draft regulation consists of 13 articles, which include determining the applicability of the regulation to all requests for permission to raise funds for the establishment of new endowments or for the financing of existing ones. It outlines the mechanism for requesting and issuing licenses, the conditions for the applicant, the purposes of fundraising, the obligations of the licensee, and other related provisions. The regulation also specifies the conditions that must be met for fundraising, including compliance with Islamic Sharia principles, within the boundaries of the purposes outlined in the basic regulations, and that the funds should be for charitable or public welfare purposes within the Kingdom.

It is worth noting that the General Authority for Endowments works on regulating, preserving, developing, and ensuring the sustainability of endowment services provided to beneficiaries. This is achieved by applying best practices, proposing regulations, and enacting laws that enhance endowment work, in order to strengthen the Authority's role in economic, social development, and social solidarity, in accordance with the principles of Islamic Sharia and the applicable regulations. This aligns with the aspirations of the wise leadership to make the Kingdom a leader in the endowment and non-profit sector.