General Authority for Awqaf issues new regulations for unidentified and inactive endowments

The General Authority for Awqaf announced in Riyadh today the adoption of the 'Regulations for Reviving Unidentified and Inactive Endowments,' following a decision by its board of directors. The new regulations provide a comprehensive framework for reporting unidentified and inactive endowments and outline mechanisms for their revival.

The regulations aim to safeguard endowments and restore them to productive use in line with the founders’ intentions. They replace previous rules governing the reporting of unidentified endowments, expanding the scope to include inactive endowments as well.

The new rules introduce provisions that broaden participation in the revival process, allowing for the involvement of various organizations and experts. They also provide multiple means for revival and development, such as investment, development, financing, and partnerships, in accordance with relevant regulations.

The regulations also address incentives for reporting unidentified endowments, raising the maximum reward for informants to 10 million riyals (SAR), while organizing the rights of informants, maintaining the confidentiality of their data, and notifying them of the outcomes of their reports. These measures aim to encourage community involvement in identifying endowments and support efforts to restore their developmental role.

Enhancing the economic and social impact of endowments

The Authority stated that the regulations are designed to improve the efficiency and sustainability of endowment assets, as part of broader efforts to develop the endowment sector and maximize its economic and social impact.

The Authority urged individuals and relevant organizations to participate in reporting unidentified endowments and to provide necessary information to help revive and develop them in accordance with the specified procedures.

The General Authority for Awqaf has previously clarified the status of endowments with assets exceeding 1.5 billion riyals and continues to strengthen the sector through innovative endowment products and services, raising awareness, implementing best practices, and enacting regulations that support the development and impact of endowments in social and economic development.