JEDDAH, 10 December 2007 — Crown Prince Sultan has donated SR16 million to the Charitable Society for the Care of Orphans (Insan). The society supports 24,150 orphans in Riyadh city and neighboring villages.
Riyadh Gov. Prince Salman, who is chairman of the society, thanked the crown prince for the donation, and said it would boost the society’s humanitarian activities.
“This money will be used to set up an endowment property in Al-Kharj in the name of Prince Sultan,” the governor said, adding that the income would be utilized to fund the society’s activities.
Prince Faisal bin Salman, chairman of the Resource Development Committee at the charity, announced last September the establishment of an endowment fund for investment. “We have set up this fund to create financial resources for the society’s growing expenditures as it caters to the needs of increasing number of orphans. The Council of Senior Islamic Scholars has approved the fund,” he said.
The new fund will invest in bonds and securities conforming to Shariah regulations as well as in Islamic sukuk and other areas. “There are regulations for distribution of these investments in a balanced manner without entering high-risk areas,” he added.
Insan was established about eight years ago and has spent around SR200 million for the care of more than 21,500 orphans until the middle of this year. The society plans to spend more than SR79 million this year on various programs.
As part of efforts to integrate orphans into mainstream society, Insan has announced plans to build a special social club in Al-Kharj and a central Insan office building in Riyadh at a total cost of SR69 million.
