Skip to content
THAT Law Firm - We carry the burden for you
QIWAM connection: no recent measurement

Regulation Organizing Nazara (Beholding) Activities · Article 14: Administration of the Waqf

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

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

This link identifies the text in the selected edition.

Transcribed text

Article 14: Administration of the Waqf

Citation linkLink to this edition

The beholder shall supervise the management of the Waqf’s activities in accordance with its nature, the size of its assets, and the scope of its transactions, in a manner proportionate to its condition. In doing so, the beholder shall perform his duties with skill, due care, and diligence, including the following:

§

1.Preparing internal regulation, policies, and procedures necessary for the management of the Waqf, including those related to the collection, disbursement, and investment of Waqf proceeds, and reviewing and updating them periodically in a manner consistent with the Waqf’s circumstances, applicable to large and medium-sized Awqaf.

§

2.Establishing regulatory systems and internal controls over Waqf funds to ensure their protection, proper disbursement, and optimal utilization in accordance with best standards.

§

3.Ensuring that all persons appointed to manage the Waqf possess competence and integrity, comply with their functional duties and apply best practices in their management.

§

4.Attending awareness and training programs related to Awqaf, including training programs on combating money laundering and terrorist financing for Waqf personnel, according to the nature of duties of each position and in accordance with best practices.

§