The Third Endowments Forum, which concluded its proceedings yesterday evening, addressed the issue of the freezing of billions of riyals—representing the value of endowments in Mecca, Medina, and other cities—due to expropriation or the substitution of endowment assets. Dr. Abdulrahman bin Abdullah Al-Zamil, Chairman of the Board of Directors of the Riyadh Chamber of Commerce and Industry, pointed out the need to form a high-level committee to address the issue, especially since the freezing of these funds has disrupted the benefits of the endowments and deprived the community and their beneficiaries.
In a speech at the forum, Al-Zamil appealed to the Custodian of the Two Holy Mosques—may God preserve him—to approve the formation of the committee, which would consist of several entities relevant to the issue, including the Supreme Judicial Council, the General Authority for Endowments, the Ministry of Finance, the National Committee for Endowments, and the Saudi Authority for Certified Appraisers. The committee would be required to complete its study of the problem, propose solutions and recommendations, and submit them to His Majesty within a maximum of six months.
Al-Zamil emphasized the effectiveness of private endowments in driving the national economy and sustainable development, and their contribution to addressing poverty and supporting charitable and high-quality projects that benefit society in a number of fields—whether scientific, cultural, health-related, humanitarian, or other areas that benefit society.
The Chairman of the Board of Directors of the Riyadh Chamber of Commerce and Industry stressed the imperative of having clear regulations that assist endowments in achieving their projects and objectives, without being burdened by arbitrary interpretations, restrictions, and bureaucratic procedures that hinder the interests of endowments. He noted that the existence of regulations such as the Endowment Companies Law and the Nonprofit Organizations Law would limit the challenges faced by endowments.
