The Eastern Chamber organized the third meeting of the Endowments Diwaniyah, which was honored by the presence and participation of the Chairman of the National Committee for Endowments at the Council of Saudi Chambers, Badr Al Rajhi, who stressed that the development of endowments in the Kingdom is closely linked to the launch of the Endowments Authority, stressing the importance of using houses of expertise before starting to establish the endowment, and being keen to consult with experts before proving wills and endowments, as well as the importance of adopting institutional governance programs in the management of endowments, where the board of governors is the decision maker and the supreme authority in managing the affairs of the endowment and not practicing executive work, noting that the diversity of endowments between the real estate
During the meeting, which was attended by businessmen from the Eastern Province, judges, interested parties and specialists in the field of endowments, Al-Rajhi explained the importance of the deed in achieving the continuity of the endowment, noting that the most stalled or disrupted endowments are endowments with weak instruments, pointing to the importance of professionalism when writing the deed, by exactly and not restricting and giving flexibility to the board of stewards, considering that the more distinctive the endowment instrument is, the more permanent the endowment is. As for the quality of the endowment custodians, Al-Rajhi preferred that they be those who carry strength, honesty and experience in managing endowment investments and its development, and also favored the idea of a board of custodians and not a single custodian, so that the number of the board is not large and would be formal.
Al-Rajhi pointed out the importance of specifying a reward for the Board of Nazirs in the endowment deed, as a percentage of the net profit to motivate the Nazirs to increase the returns of the endowment, referring in this regard to the experience of his father Abdulaziz Al-Rajhi, may Allah have mercy on him, by making sure to specify a reward for the members of the Board of Nazirs and link it to the attendance of sessions as a percentage of the net profit to motivate them to develop the profits of the endowment, in addition to expanding its powers and giving it the necessary flexibility by time and place to achieve strategic goals.
Rajhi pointed out.
Al Rajhi said that his father set a main pillar for all Al Rajhi Waqfs, which is to allocate 25% of the net profits of the Waqf for investment, pointing out that Al Rajhi Waqfs adopted last year a five-year plan from 2015 to 2019 that aims to achieve growth in the net profits of the Waqf by an increase of 184% and an average of 36% per year.
Al Rajhi said.
For his part, Moussa Al-Moussa, a member of the Eastern Chamber Endowments Committee, announced a guide to be issued by the Chamber in the next few weeks, entitled "Partnership in the field of endowments in the Kingdom of Saudi Arabia," saying: It is an introductory guide to the consultants specialized in endowments in the Kingdom, and aims to bring the endowment entities in the Kingdom closer and know each other's endowment areas, pointing out that it serves as a woman and a map for everything related to endowments in the Kingdom.
