Saudi Arabia’s first waqf investment fund launched

Dr. Majid bin Ibrahim Al-Fayadh 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.
Updated 05 September 2018

Saudi Arabia’s first waqf investment fund launched

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.

Philips brings virtual cardiology network to KSA

Updated 19 February 2019

Philips brings virtual cardiology network to KSA

Royal Philips, a health technology company, has teamed up with the Ministry of Health (MoH) in Saudi Arabia to provide a first-of-its-kind integrated cardiovascular information system (CVIS) across multiple facilities throughout the Kingdom. 

Patient medical information will be available on demand at the point of care in each of the connected hospitals to help improve quality access to cardiology care managed by a network of specialists. The Philips CVIS includes advanced software technology and image analysis to simplify cardiovascular data management for cardiology departments to work more efficiently and accurately. 

According to the World Health Organization, cardiovascular diseases (CVDs) are the No.1 cause of death globally. They are also highly prevalent in Saudi Arabia. Cardiology is also one of the most complex areas of the hospital enterprise, with large quantities of data generated by various caregivers across multiple locations. By integrating disparate cardiology systems in the public MOH cardiac centers around the Kingdom, the Philips CVIS aims to reduce data entry, simplify access to test results generated in other departments and make it easier to acquire, analyze and share patient data. 

The cardiology patient data information will be powered by Philips IntelliSpace Cardiovascular platform, featuring advanced archiving from the Philips Universal Data Manager (UDM) and advanced visualization from Philips IntelliSpace Portal. Seamless data sharing and connectivity between the hospitals will be managed by Philips Forcare, delivering information health exchange (IHE) interoperability.  

“With a dedicated health care IT clinical informatics team and leadership in connected care, Philips brings a wealth of experience into the cardiology program of the MOH,” said Ozlem Fidanci, market leader Middle East and Turkey at Philips. “This collaboration named as Project Taji marks a significant step by the Ministry of Health toward Saudi Vision 2030 and the elevation of cardiology services across the Kingdom.” 

The Taji Project will be implemented in Makkah, Jeddah, Al-Hofuf, Qassim, Jizan, Najran, Dammam and Arar. All these cities will be connected to the Ministry of Health in Riyadh to utilize tele-cardiology services among MOH cardiac centers. 

“The primary use of tele-cardiology is to support primary care practitioners in the area of correct diagnosis, thus empowering them to manage cardiac patients with increased confidence. It also improves the clinical training of the average practitioner, by increasing the clinician’s level of knowledge at the primary level. This will equip GPs to offer better care and improve the overall health care system,” said Dr. Ahmed Balkhair, adviser to the vice minister and general supervisor of e-health programs and IT.

“The MoH tele-cardiology initiative helps build up an integrated cardiovascular information system (CVIS), cardiac picture archiving and communications system (CPACS), and an ECG data management system, all of which will enhance the efficiency of the cardiology workflow for the cardiologists and all users, and access to patient studies by authorized users,” said Dr. Mohammed K. Abdulaali, assistant deputy minister for hospital affairs.