Law of the General Authority for Awqaf · Article 7

1.propose regulations relating to awqaf and submit said regulations to the competent authorities for approval in accordance with applicable statutory procedures

2.set, review, evaluate, improve, and update strategies, plans, and policies relating to awqaf;

3.approve the Authority’s organizational structure as well as its administrative, financial, and investment regulations and other internal regulations;

4.approve the budget, final accounts, and auditor's report of awqaf under the trusteeship of the Authority

5.approve the Authority’s budget, final accounts, auditor’s report, and annual report to be submitted in accordance with applicable procedures;

6.approve disposition of assets of awqaf under the trusteeship of the Authority for the purpose of increasing the value of said assets in a manner that fulfills the endower’s conditions, whether by the sale of said assets and purchase of alternative ones, the use of said assets to acquire a share in a company, or other forms of exchange. This shall be done in accordance with the powers of the Board as well as Sharia rules and the procedures provided for in the Investment Regulations;

7.approve the creation of waqf investment funds and portfolios and the establishment or participation in the establishment of waqf institutions and companies or the acquisition of shares in existing companies in accordance with applicable statutory procedures;

8.approve projects financed by awqaf under the trusteeship or management of the Authority in accordance with Board powers as specified in the Investment Regulations;

9.approve the obtaining of loans to finance waqf projects under the trusteeship or management of the Authority, or for the maintenance and development of existing awqaf in a manner that fulfils the endower’s conditions and in accordance with Board powers as specified in the Investment Regulations;

10.accept funds endowed to the Authority as well as grants, donations, bequests, and aids allocated thereto; with Board powers as specified in the Investment Regulations;

11.approve a method for the listing, registration, and documentation of awqaf and the protection thereof against any transgressions;

12.approve awareness campaigns on the importance of awqaf and their economic and social roles;

13.approve the establishment of branches for the Authority in the Kingdom as needed;

14.form specialized standing and ad hoc committees from among its members or others, adopt work procedures of said committees, and specify duties and remuneration of their members, without prejudice to the provisions of Articles 11 and 12 of this Law; or

15.seek the assistance of experts and consultants as deemed necessary, and hire others as needed, in accordance with the rules set by the Board, and determine their remuneration;