The Minister of Hajj and Umrah, Tawfiq Al-Rabiah, and the Governor of the General Authority of Endowments, Imad Al-Kharashi, inaugurated at the Authority’s headquarters in Riyadh, today, Wednesday, the Endowment Investment Fund for Associations for Serving the Guests of God, in the presence of the Deputy Minister of Hajj and Umrah, Abdel Fattah Mashat, and the CEO of the Guest Service Program. Al-Rahman, Muhammad Ismail, the Chairman of the Board of Directors of the Council of Civil Associations in the Kingdom, Saadoun Al-Saadoun, and a number of heads of private associations specialized in serving the guests of God.

The General Authority for Endowments said, in a statement, that it contributed 100 million riyals to the fund in implementation of the conditions of the endowments.

The authority added that this fund aims to achieve financial sustainability for non-profit entities serving the pilgrims of God, enhancing the developmental role of associations serving the pilgrims, raising awareness of the importance of the endowment sector in economic and social development, diversifying sources of income for non-profit entities, and attracting donors. Renewal to establish or participate in endowment investment funds, which contributes to developing the endowment work environment as a whole.

The Endowments stated that the Fund will contribute directly to sponsoring and financing the initiatives, programs and projects presented by these associations to serve the guests of God, in an effort to coordinate and integrate with various relevant authorities. To contribute to the development of the endowments sector and enhance its societal role, in addition to presenting a package of projects that will work to develop the performance of these bodies in various fields in keeping with the aspirations of the Kingdom’s vision to receive 30 million pilgrims and visitors annually by 2030.

It is noteworthy that the General Authority for Endowments works to organize, preserve, develop and sustain the endowment sector, and develop endowment services provided to beneficiaries in a way that fulfills the conditions of the endowments, by applying best practices and enacting regulations and laws that advance endowment work, in order to enhance the authority’s role in economic and social development and social solidarity. In accordance with the objectives of Islamic Sharia and regulations, and to achieve the aspirations of the wise leadership for the Kingdom to be a leader in the non-profit sector.

Source: Mubasher newspaper