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Instructions for Approval to Establish Waqf Investment Funds · Article 4: Approval Requirements

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Instructions for Approval to Establish Waqf Investment Funds · Article 4: Approval Requirements

Unofficial translation; refer to the original text in case of differences.

Law · Approved version 2 · Knowledge version effective from 2026-10-19

Source scope
Shared sources
Source type
Law
Issuing body
الهيئة العامة للأوقاف
Edition
2

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Transcribed text

Article 4: Approval Requirements

Citation linkLink to this edition

1.4-1. Upon establishing the fund, the Fund Manager must submit a request for approval to the Authority, including a memorandum of understanding signed between the Fund Manager and the Beneficiary, as well as a draft of the terms and conditions, prior to submitting the fund establishment request to the Capital Market Authority. The draft must include the following:

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1.Objectives of the fund.

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2.A binding, written, executed, and perpetual waqf declaration.

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3.A statement that the waqf is established upon the launch and operation of the fund.

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4.Identification of the Beneficiary, along with a brief about it, its activities, and licensing details.

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5.A statement indicating the entity to which the endowed units will be transferred in the event of liquidation or termination of the fund.

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6.Profit distribution policy, provided that the share of profits distributed to the Beneficiary is not less than 50% annually from the fund's net distributable profits, if any.

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7.Delegation by the Endower (Waqif) of all his powers and rights stated in these Instructions and the regulation to the Trustee in the event of his death or legal incapacity.

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8.Any other information the Authority requires to be added.

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2.4-2. The Fund Manager must obtain the Authority's approval before making any changes related to the requirements mentioned in Paragraph (4-1).

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