The chief executive officer of King Faisal Specialist Hospital and Research Center and Chairman of the Wareef Charity Foundation, Dr. Majid bin Ibrahim Al-Fayadh, has announced that the Alinma Wareef Waqf Fund is the first investment fund in the Kingdom open for public offering, in partnership with Alinma Investment Company.
Al-Fayadh said: “The units will be offered to subscribers (individuals or institutions) at a value of SR1,000 ($266) per share. All proceeds from the fund will be used to support Wareef charity programs to achieve its objectives and aspirations.” He clarified that the Alinma Wareef Waqf Fund is licensed by the Capital Market Authority and the Public Authority for Endowments, which is the fund’s regulatory body at the same time.
Al-Fayadh said that the objectives of the Wareef charity are to support scientific and applied research and bolster Saudi specialized medical experts in the medical and health care fields, in addition to supporting rehabilitation aid, promoting of specialized health care services and subsidizing disease prevention programs.
Saleh bin Abdullah Al-Hnaki, CEO of Alinma Investment Company, announced that Alinma Bank has already supported the Alinma Wareef Waqf Fund by subscribing in 100,000 units worth SR1 million.
Al-Hnaki denied that the fund’s units were traded in the Saudi market, as they were totally exclusive to the waqf parties. The new fund mechanism includes a fund manager, a board of directors, a Shariah committee, an executive committee, legislative and regulatory bodies, an auditor, custodian and certified evaluators.
Al-Hnaki noted that waqf investment funds are among the statutory tools dedicated to the management and development of endowments in an institutional manner, in view of the legal framework and policies related to transparency and governance. He also stressed that this type of fund is subject to the supervision of the related government entities.
He said Waqf funds offer the ability to diversify the endowment portfolio with high efficient management that benefits the Waqf itself, the Waqf provider and the beneficiary.