Regulation Organizing Nazara (Beholding) Activities · Article 15: Financial Management

1.Opening one or more bank accounts in the name of the waqf with banks operating in the Kingdom, through which all financial transactions related to the waqf, and its management shall be conducted, ensuring that waqf funds are not commingled with personal funds.

2.Recording all financial transactions of the waqf in Arabic.

3.Maintaining waqf documents and correspondence in an orderly manner.

4.For large and medium-sized Awqaf, preparing a budget estimate for all waqf activities, taking into account current and future needs, and preparing audited financial statements approved by accountants and auditors accredited by the Saudi Organization for Chartered and Professional Accountants.

5.Preparing an annual financial statement detailing the waqf’s revenues and expenditures for small Awqaf, and for Awqaf with direct utilization where revenues and expenditures exist.