Specialist: The Kingdom, since its inception, issued several regulations that regulate endowment work
The Asharqia Chamber, represented by the Awqaf Committee, organized the first meeting of the Endowment Diwaniya series, "The Fourth Session", entitled: Practical Experiences in the Structure and Governance of Endowment Investments, which was hosted by Wednesday evening, December 25, 2019, the main headquarters of the Chamber.
Dr. Ziyad bin Othman Al-Hogail, former CEO of the Sulaiman bin Abdulaziz Al-Rajhi Endowment Company, in the presence of a member of the Chamber’s Board of Directors and Vice-Chairman of the Endowments Committee Hamad bin Hamoud Al-Hammad and Dr. Ayed bin Farhan Al-Qahtani, Chairman of the Committee, said that the endowment governance has witnessed an evolution in its management structures, especially in property systems and structures, Types of institutions, companies, and corporate status.
Al-Hugail indicated that the past Islamic ages presented many initiatives that contributed to the development of endowments and their governance, and included management, follow-up, and accountability, in addition to records of preserving rights and protecting those entitled, as it was characterized by accuracy, organization, clarity, and integrity. In effect so far, including organizing the maintenance of restrictions, formulas and methods of accounting, the construction and construction of buildings on charitable and annexed lands, how to collect endowment imports, and also organizing the spending process on various charitable aspects.
On the sound governance of the endowment, Al-Hugail said that this works to preserve the rights of stakeholders, and supports disclosure and transparency, and the availability of internal control, and the existence of an effective frame of reference for governance. In conclusion, the Chamber's Board Member and Vice-Chairman of the Endowments Committee, Hamad bin Hamoud Al-Hammad, honored the guest of the meeting, Dr. Ziyad bin Othman Al-Hogail, former CEO of Sulaiman bin Abdulaziz Al-Rajhi Endowments Holding Company, with a commemorative shield
