Alqanoni

نظام الهيئة العامة للأوقاف باللغة الإنجليزية

Art. 7
Status unknownSaudi ArabiaRegulation

Issued by General Authority for Endowments (Awqaf)

1. propose regulations relating to endowments and submit said regulations to the competent authorities for approval in accordance with applicable statutory procedures 2. set, review, evaluate, improve, and update strategies, plans, and policies relating to endowments; 3. approve the Authority’s organizational structure as well as its administrative, financial, and investment regulations and other internal regulations; 4. approve the budget, final accounts, and auditor's report of endowments under the trusteeship of the Authority 5. approve the Authority’s budget, final accounts, auditor’s report, and annual report to be submitted in accordance with applicable procedures; 6. approve disposition of assets of endowments under the trusteeship of the Authority for the purpose of increasing the value of said assets in a manner that fulfills the endower’s conditions, whether by the sale of said assets and purchase of alternative ones, the use of said assets to acquire a share in a company, or other forms of exchange. This shall be done in accordance with the powers of the Board as well as Sharia rules and the procedures provided for in the Investment Regulations; 7. approve the creation of endowment investment funds and portfolios and the establishment or participation in the establishment of endowment institutions and companies or the acquisition of shares in existing companies in accordance with applicable statutory procedures; Law of the General Authority of Endowments

The Arabic text is the legally binding version. The English translation is provided for guidance only.

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