The third session of meeting of Diwaniyah of Awqaf "Illuminations on outstanding international endowment practices" was organized by Asharqia Chamber, represented by the Committee of Awqaf, on Wednesday evening March 27, 2019 at the headquarters of the Chamber.
The meeting was attended by a member of the Board of Directors Hamad Bin Hamoud Al Hammad and Vice Chairman of the Awqaf Committee and Board Member Najeeb Bin Abdullah Al-Sihati.
During the meeting, a specialist in the endowment sector said that Saudi universities need a balance of 375 billion riyals to cover 50 percent of their current budgets.
The Chairman of the Council of Scientific Endowment for Islamic Economics and Finance and Associate Professor of Islamic Finance at King Abdulaziz University in Jeddah, Dr. Omar bin Zuhair Hafez, said in its review of the higher education sector that Harvard Endowments estimated at 40 billion dollars and the University of Texas is estimated at $ 26 billion.
He referred to the roles that these universities can play when they have all this financial independence.
Hafez pointed out that the waqf is a legal person of his own, with his moral personality independent of the originator's responsibility, and the duty of the beholder.
The Waqf and the trust fund are based on the principle of separating the legal ownership from the ownership of the benefit.
In the waqf, the legal ownership of the judgment is based on the rule of Allaah, as no one can act on it or transfer its ownership to anyone, while the ownership of the benefit is owned by the beneficiary, and acted according to the conditions of the waqf, which are often for the purposes of charity.
Although it is sometimes intended to stay on the parents or the offspring, the goal of the endowment is charity, not economic benefit.
The judicial authorities supervise the stay in terms of monitoring the actions of the beholder, so that it cannot take any action on the eye of the stay without the approval of this act by the competent judge.
The Direct Investment Fund is not a separate legal entity in itself, as it is a legal arrangement independent of legal property with a person different from the person who owns the benefit that owns the assets of the Fund legally guardian.
It has the right to manage the Fund in the interest of a third party (the owner of the benefit) and binds the parties to the trustee and the beneficiary a credit relationship, which may be imposed through a guard or court.
On the leadership in higher education, Hafiz said that higher education in each country is a mirror of its progress and superiority among countries.
The most important institutions of higher education in the United States of America have been able to lead in their ability to represent revenues from their endowment funds the most important financial resources.
It can be said that the management of endowment fund investments is subject to professional and institutional management and has the necessary control to ensure continuity of financial flows to universities.
Scientific research also receives great attention from every university and universities compete in their aspiration to the first ranks internally and globally.
He pointed out that the leadership in the endowments linked to the adoption of institutions of higher education on the grain of endowments.
This underscores the great role played by outstanding global endowment practices.
In conclusion, Al-Hammad honored Dr. Hafez with a commemorative shield.
