المملكة: "Endowments"Allocating an endowment to children is permissible according to Islamic law, without requiring poverty – Urgent
Confirmed General Authority of Endowments It is permissible to allocate Endowmentsfor the benefit of children, according to Islamic law, without requiring poverty, calling for the formulation of precise administrative conditions to ensure the sustainability of assets and Preventing future conflicts between beneficiaries.
The authority explained that the endowment is not limited to needy groups only, but extends to achieving family, social, or educational goals determined by the donor according to what he sees as achieving the best interest of his family.
It indicated that the endowment for children is classified as a legitimate form of civil endowment, which plays a pivotal role in supporting the stability of the family and enhancing the values of material solidarity among its members.
Distribution of proceeds Financial
The Authority indicated that this type of financial organization gives the father an ideal opportunity to manage his money in a sustainable manner, ensuring continued use of it and regular inheritance of its returns across successive generations.
It stressed the necessity of carefully documenting the objectives and conditions of the endowment at the establishment stage, to avoid any disputes or intersections that may arise between children in the future.
It pointed out the importance of the endowment document including clear mechanisms for distributing the financial proceeds, A precise definition of the controls for use, and a distribution of administrative responsibilities assigned to the supervisors of the endowment to ensure its continuity and success.
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