It is an endowment investment fund whose units are endowed and may not be traded or refunded.
What is an endowment investment fund?
What is the purpose of the endowment invest funds?
Investing the endowment funds and disburse its incomes on various charitable aspects, in accordance with the endowment objective, and diversify the investment.
Are there any fees applicable for the endowment of endowment investment fund units?
There are no applicable fees for that.
Does the fund have a fixed term?
Currently, all endowment investment funds are public funds that do not have a fixed term.
Is it required that the Donor be Saudi?
The Donor is not required to be Saudi, whether the person is normal or legal.
Can the value of the endowment fund units be refunded?
All fund units are endowed and may not be refunded.
Are there any financial returns for the Donors?
All returns are disbursed to the beneficiaries in accordance with the specified disbursement areas.
If the beneficiary is dismissed, what will be the fate of the endowment units?
The General Authority for Awqaf may, at its sole discretion, convert them to other non-profit entities in a way that does not conflict with the Donor Conditions.
What are the statutory references governing the work of the endowment investment funds?
The instructions of the endowment investment funds issued by the General Authority for Awqaf, and the list of investment funds issued by the Capital Market Authority.
What is meant by beneficiaries?
One or more non-profit entities in the Kingdom, such as charities and other non-profit organizations.
How are the endowment incomes disbursed?
The fund’s incomes are disbursed through the allocation of a percentage of it (endowment income) to the endowment expenditure determined in the fund’s terms and conditions via the beneficiaries.
Can more than one beneficiary establish a single endowment fund?
Yes, one or more non-profit entities may establish a single endowment fund.
How to apply for a license to establish an endowment investment fund?
The application is submitted by licensed market institutions through the website of the General Authority for Awqaf for study and approval; a certificate of approval of the fund is then issued and sent to the registered email, and in case of rejection, the reasons for rejection shall be mentioned therein.
What requirements should be provided when applying?
You must attach the following:
- Agreement between a licensed market institution and the beneficiaries
- Fund terms and conditions