The Third Endowments Forum concluded its proceedings last Monday at the InterContinental Hotel in Riyadh with a number of recommendations and proposals, The forum recommended establishing a center for waqf studies to be named after the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz.
It also called for the formation of a committee to address the freeze of billions of riyals representing the value of endowments that have been expropriated or whose assets have been replaced in Mecca, Medina, and other cities across the Kingdom, The recommendations proposed that the committee be composed of the Supreme Judicial Council, the General Authority for Waqf, the Ministry of Finance, the Saudi Authority for Certified Appraisers, and the National Committee for Waqf.
The recommendations called for exempting endowment companies, nonprofit organizations, and other endowment entities from paying zakat, incorporating this into the Zakat Authority’s regulations, and submitting it to the highest authorities.
The forum also called for expediting the formation of the General Authority for Endowments” board of directors so that it can begin its work and play an active role in curbing the outflow of endowment funds from the Kingdom.
The recommendations also called for the establishment of a satellite TV channel named “Waqf” to promote waqf culture, and for the inclusion of a course on waqf in university curricula .
For its part, the Ministry of Justice announced its initiative to form a committee to codify the procedures for the sale, purchase, transfer, and replacement of waqfs and to streamline these procedures, and to coordinate with the Saudi Residents Authority under the Ministry of Commerce, in order to expedite the process of sale, purchase, and exchange so that endowments can be utilized and both the endowers and beneficiaries can benefit from them.” The “Justice Initiative” will be completed within three months.
In addition, Badr bin Muhammad Al-Rajhi, Chairman of the Board of Trustees of the Sheikh Muhammad bin Abdulaziz Al-Rajhi Endowment, noted in his paper presented during the first session of the forum the need for the development of endowment deeds through judicial authorities.
