Call for establishing new center for endowment studies

RIYADH: The 3rd Endowment Forum has called for the establishment of the Custodian of the Two Holy Mosques King Salman Center for Endowment Studies.
The call was one of several recommendations made at the conclusion of the two-day forum on Tuesday, organized by the Ministry of Islamic Affairs and the Riyadh Chamber of Commerce and Industry (RCCI).
Commenting on this recommendation, Abdul Aziz Turkistani, the former adviser to the minister of Islamic affairs on international relations, told Arab News that this recommendation is very important because once the center is established it will commission studies that can lead to the best management, use and investment of around 120,000 endowments in the Kingdom, especially those located in Makkah and Madinah, that are considered the most expensive in value.
Another recommendation was exempting not-for-profit endowment companies from paying the Islamic tax, zakat, as a mechanism to promote such companies in light of the the desire of many local businesses to become not-for-profit companies so they can better serve society through business projects of an endowment nature.
The third recommendation demanded the quick formation of a committee to standardize selling, buying and substituting processes of properties designated as endowments and getting the committee to begin its activities in three months, with members from the Justice Supreme Council, the Saudi Commission for Endowment, the Ministry of Finance, the Saudi Council for Accredited Property Assessors, and the National Committee for Endowment.