Regulation Organizing Nazara (Beholding) Activities · Article 13: Disbursement of Waqf Proceeds

1.The beholder shall disburse waqf proceeds in accordance with the purposes specified in the waqf deed and within the designated disbursement schedules through bank accounts dedicated to the waqf. Where the endower has not specified a disbursement date, proceeds must be disbursed within a period not exceeding three months from the end of the waqf’s financial year.

2.The beholder shall document all disbursements of waqf proceeds to beneficiaries. Where disbursement is carried out through a legal entity, such entity must be licensed in accordance with the regulation in force in the Kingdom.

3.Where the Endower has not specified a beneficiary by name or description; where the designation of the beneficiary has ceased, or where the Endower’s condition is of a general charitable nature, the beholder shall ensure that Waqf proceeds are disbursed in accordance with the Endower’s intent, in a manner that is of greater benefit, yields greater reward, enhances the role of the Waqf in economic and social development and social solidarity, and maximizes impact. In all cases, the beholder shall refer to the competent authority to determine the Endower’s intent.