The minister expressed hope the forum would work out regulations that will help businessmen authenticate their endowed (gifted) properties.
He said people used to hear about gifted educational institutions, mosques or hospitals but nothing exists in reality.
He called on Saudi businessmen to revive the principle of endowment, adding that collective endowments needs a judicial and jurisprudential opinion.
For his part, RCCI Chairman Abdulrahman Al-Jeraisy said the chamber’s decision to establish an endowment committee embodies many facts, including the necessity of institutionalized work based on exchange of opinions and maturity of private sector experience in this area and integration with other governmental agencies.
He said endowment represented one pillar in the Islamic community, whether in the religious, social, economic, and political domains of these societies.
Head of the Endowment Committee at RCCI Khalid Al-Rajhi stressed the need for concerted efforts for the activation of endowments and spread of its proper principles in society.
Secretary-General of Sulaiman Al-Rajhi Endowments Salih Al-Habdan said Sheikh Sulaiman Al-Rajhi had set up an endowment holding company to run investments related to these endowments by laying down financial, administrative and regulatory systems.
Meanwhile, a number of experts presented work-papers and called for the development of realistic forms of endowments coping with changing systems and regulations.
Sheikh Saad Al-Mahanna stressed experts have to be consulted on writing endowment procedures. He called for setting up specialized units at courts to deal with endowment issues.
Abdullah Al-Ghufaili presented a paper on the goals and objectives of endowments, which according to him are centered on the realization of takaful (solidarity) and balance in society.
Lawyer Imad Al-Kharashi called for the creation of a regulatory structure for the activation of endowment work through the incorporation of new types of companies such as endowment-based firms or non-profit companies. He also called for commerce chambers to take the lead in setting up centers specialized in endowment and community services.
Undersecretary for Endowments Khalid Al-Abd Al-Latif presented a paper on endowments systems where he explored plans and policies related to this area.
Abdulaziz Al-Fozan, member of the Human Rights Commission, said regulations have to be implemented to control, maintain and protect endowments to maximize their investments and realize the required goals.
The experts also called on endowments initiators to register and authenticate their gifted properties to avert any possible loss. They called for encouragement of research on endowments and creation of a database in this area.
They recommended adopting an initiative by Al-Sheikh to establish endowed banks and investment firms to run endowed assets and provide funding solutions for such firms.
