DAMMAM: An agreement has been signed to develop the Kingdom’s awqaf (endowment) sector, the Saudi Press Agency reported.
The memorandum of cooperation was signed between Asharqia Chamber, one of Saudi Arabia’s oldest organizations promoting private sector contributions to the economy, and the General Authority for Awqaf, an independent authority set up in 2015.
In Islam waqf is a permanent donation of one’s wealth or portion of it, in cash or other assets, to Allah and can be used for purposes compliant with Islamic law such as building religious schools or mosques.
The agreement aims to increase revenues of awqaf investments and increase the efficiency of endowments’ impact.
The chairman of the board of directors of Asharqia Chamber, Abdulhakeem bin Hamad Al-Ammar Al-Khalidi, and General Authority for Awqaf Gov. Emad bin Saleh Al-Kharashi signed the memorandum.
Al-Kharashi said integration between different sectors was essential for society and that the authority was creating communication channels to develop the organization.
Al-Khalidi said the government had set out its future vision for the awqaf sector so it became a pillar for sustainable development.
The agreement also aims to activate the investment and non-profit sectors to promote and enhance contributions to economic and social development in the Kingdom.
