The Saudi Authority for Accredited Appraisers (Taqeem) reaffirmed its commitment to contributing to the development of the real estate sector in particular and the public sector in general by advancing the appraisal profession, raising the professional standards of its practitioners, establishing general rules for acquiring and maintaining membership at the Authority’s various levels, and providing opportunities for continuous professional development to elevate its members to the highest standards of practice while adhering to international professional standards.“
This announcement came during the Authority’s participation in the Third Endowments Forum, which was recently held in Riyadh, and the Authority’s Secretary-General, Mr. Essam Al-Mubarak, revealed that the Authority has entered into a number of partnerships with international organizations and councils, with the aim of advancing the valuation profession, developing its potential, and strengthening its capabilities in a scientific and precise manner that preserves rights and safeguards them from loss. He noted that ”since its establishment and to this day, the Authority has been concerned with establishing the necessary controls and standards for the valuation of real estate, economic facilities, equipment, movable property, and the like.”
Al-Mubarak explained in a working paper titled ”Valuation Authorities and Their Role in Preserving Waqfs“ that the valuation process is the foundation upon which important economic decisions are based—such as decisions regarding purchase, sale, acquisition, merger, division of partnerships, inheritance, dispute resolution, compensation, and determining the feasibility and implementation of investments, as well as numerous other steps directly or indirectly related to valuation, emphasizing that fair valuation is one of the most important elements in preserving savings and assets.
Al-Mubarak linked endowments and valuation by stating: ”Given the importance of endowments and the various dimensions on which they focus and for which they exist, the Authority coordinates with the Endowments Committee and any other entity in regulatory and coordination processes that ensure the continued success of this sector and maximize the benefits it provides, Therefore, there is no doubt that fair valuation based on international standards—which the Authority trains its members to apply—relying on fixed and unified criteria free from bias to provide a true and fair value, will help businesspeople and philanthropists make informed decisions—whether to sell, buy, or invest—with the aim of preserving these endowments, ensuring their continuity and the sustainability of their benefits, and achieving the overall objective intended behind them.”
It is worth noting that the forum’s activities were launched under the patronage of the Minister of Islamic Affairs, Endowments, Da’wah, and Guidance, Sheikh Saleh bin Abdulaziz bin Muhammad Al Sheikh, and is organized by the Endowments Committee of the Riyadh Chamber of Commerce, at the King Faisal Conference Hall at the InterContinental Hotel on the 5th and 6th of Jumada al-Awwal 1437 AH, corresponding to February 14 and 15, 2016 CE, The forum’s proceedings focused on five main themes, 15 working papers, and four workshops, covering endowment issues and proposing solutions to their problems.
