المملكة: Controls for endowment banks. Issuance of regulations for establishing endowments and financing them with donations
Issued Regulations for creating Or financing it through fundraising, in accordance with the decision of its Board of Directors, to be a regulatory framework that enhances transparency and governance in the management of fundraising operations allocated to endowments, whether to establish new endowments or to support and develop existing endowments.
The regulation aims to enable the establishment of , or financing existing endowments, by collecting donations according to specific controls, which contributes to their sustainability and development and directing their resources towards philanthropic and public benefit outlets within the Kingdom, in accordance with the provisions of Islamic Sharia and applicable regulations.
Regulations for the Establishment of Endowments
The regulations include clear mechanisms for submitting license applications to establish endowments through collecting donations, conditions for the applicant, controls for endowment banks, in addition to the time periods specified for issuing and deciding on licenses, and the licensee’s obligations.
It is noteworthy that the regulation required opening a dedicated bank account for each fundraising operation to ensure financial transparency.
It obligated licensees to submit periodic reports to the Authority and document all relevant operations, while enabling the Authority to issue a certificate of completion after verifying that the disbursement conditions for establishing endowments and implementing the specified purposes are met.
The regulation can be viewed on the website Body of Here.
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