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.
The General Authority of Awqaf has signed a memorandum of understanding to establish and launch the largest endowment investment portfolio worth one billion riyals with the Abdullah Al-Othaim and Sons Charitable Foundation.
The Governor of the General Authority of Awqaf, Mr. Emad Al-Kharashi, has signed a memorandum of understanding with the Chairman of the Board of Trustees of the Abdullah Bin Saleh Al-Othaim and Sons Charitable Foundation, Mr.
To ensure the facilitation of immediate registration for endowments, the completion of electronic integration between the Ministry of Justice and the "Awqaf" is required
The Ministry of Justice and the General Authority for Endowments have completed the integration of systems related to endowment deeds in an important step to facilitate and improve the experience of endowment registration procedures.
"Awqaf" organizes more than 15 workshops to enhance the role of endowment certificate with government and private agencies
The General Authority of Endowments organized a number of workshops with more than 15 government and private agencies, to enhance the role of the (endowment certificate), raise the quality of services provided, improve the journey of beneficiaries and their experience in the endowment sector, and
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.
