During the meeting of Awqaf Committee in Asharqia Chamber, specialist said that the right tools to accelerate the use of the mechanism is to ensure the sustainability of endowments.
A specialist in the charitable endowment sector suggested that there should be no delay in the establishment of endowments. He stressed that it is a gateway to the development of business and a winning card for the sustainability of business and projects.
On Wednesday 31 October 2018, the first meeting of Awqaf sector in its third session was organized by Asharqia Chamber, represented by Awqaf Committee, and was entitled "How to Establish a Sustainable Endowment?"
The meeting was chaired by a member of the Board of Directors of the Chamber and Vice Chairman of the Endowments Committee Hamad bin Hamoud Al-Hammad, and was attended by Board members Bader bin Mohammed Al Abdul Karim, Dhari bin Abdulrahman Al-Atishan, and the Secretary General of the Chamber Abdulrahman bin Abdullah Al-Wabel.
Sultan Bin Mohammed Al-Duwaish, CEO and Managing Director of Future Investment, said that the mechanism of the entrusting is a major problem facing the sustainability of Waqf, which is one of the issues that cause the stalemate of the Waqf project.
It is one of the main tasks that are placed on the shoulders of the people of the Waqf is to clarify the mechanism of the entrusting, as if the end of the role of the endowment supervisor either by death or by the completion of his period of work and a successor was appointed to manage the Waqf.
Therefore, the waqf will remain without a director who manages the stay in lieu of the former.
Al-Duwaish stressed the need to have proper tools to accelerate the process of entrusting.
During the meeting, Sultan Bin Mohammed Al-Duwaish emphasized the importance of proving waqf and recording the instrument of stay in court.
He pointed out that a number of waqf officials don't see the importance of registration and this may raise the proportion of the probability of loss, more than maintaining it. He explained that the waqf in this era needs to develop and move to a higher level.
On the investment models in Waqf, Al-Duwaish said that one of the models explains that start investing in the endowment in the largest share and then less until it reaches the quota set by the waqf during a certain period of time.
He pointed out that some Awqaf officials began to work in this manner, where some of the endowments were registered after allocating 80 percent of them for years of investment and 20 percent for grants, as the waqf today doubled by 100% after this method, while taking into account that the appointment of the supervisor of the waqf that shall have honesty and investment experience.
Al-Dweish said that the best investment in the Waqf is to be diversified in several activities and not limited to one activity.
For example, if economic conditions are to reduce any sector, the moratorium can depend on another sector that is booming.
Moreover, the diversification of places is significant where this component can serve Waqf to be investments in different sectors and also in different places to be distributed to more than one area so as to find a good share of the vital and profitable sectors in each region and earn its advantages.
Al-Dweish put forward an initiative that allocates a monthly budget in which a group is committed for a certain period of time. This is considered as the nucleus of establishing a stop and a gateway to start its business and investments.
He pointed out that the Council of Awqaf, which contributes to the growth of waqf and offers great efforts in the proposal and implementation of projects that contribute to the quality of continuity, deserves compensation from the profits achieved by those projects.
In conclusion, the member of the Board of Directors and Vice Chairman of Awqaf Committee Hamad bin Hamoud Al-Hammad honored the Managing Director of Future Investment Sultan bin Mohammed Al-Daweesh with a commemorative shield.
