Specialists in the field of endowments called for the need to support the Ministry of Commerce and Industry's initiative to study the systems of endowment and non-profit companies with a complementary initiative that requires the creation of a guiding regulation for the governance of endowment organizations to ensure their adoption and application of the minimum necessary principles and mechanisms of governance that fulfill the condition of the endowment, preserve the rights of the endowed, ensure greater transparency and justice, and actually contribute to reducing administrative and financial corruption resulting from the abuse of power and conflict of interest.

Waqf specialists called for the need to support the initiative launched by the Ministry of Commerce and Industry by a complementary initiative to create a guiding regulation for the governance of endowment organizations.

Abdullah Mohsen Al-Nimri, a specialist in real estate and endowment affairs, said that the initiative comes in light of the reorganization of the endowment sector in the Kingdom, which aims to enhance the role of endowments in economic and social development in accordance with the purposes of Sharia, and Al-Nimri pointed out the importance of the regulation containing a general charter for the board of governors and other committees affiliated with it, and clarifying the minimum components of the annual report to be adhered to and the requirements of disclosure and transparency, and specifying the job description, tasks and remuneration for the waqf governor according to the juristic and legal requirements.

Al-Nimri called for imposing the proposed regulation on endowment organizations because it is more likely to adopt it and achieve the desired goal of its proposal, by making it a requirement for approving the establishment of any new endowment and giving existing endowment organizations a period to adopt it, according to Article 4 of the General Authority for Endowments Law, which authorizes it to supervise public, private and joint endowments, and also according to Article 5, which stipulates that the Authority assumes the task of approving requests to establish new endowments.

Nimri called for imposing the proposed regulation on endowment organizations because it is more likely to adopt it and achieve the desired goal of its proposal.