Awqaf

Source : 
King Khalid University, Media Center

A number of recommendations were issued at the end of establishing the Awqaf of King Khalid University. The workshop was presented in collaboration with the Creative Centre for Studies and consultancy and training at King Abdul-Aziz University, and in the framework of the partnership between the two universities.

The workshop called for the initiative to establish a separate entity for the Awqaf of King Khalid University enjoys an independent legal personality which represents the university, with the provision of basic requirement and formulating endowment instrument and the Awqaf system flexibly, so as to achieve ambitions and future prospects.

The workshop also recommended that Awqaf should enjoy a scientific and professional rehabilitation, good social relations, leadership and managerial qualities, and previous experience in the field of philanthropy in general and endowments in particular.

Additionally, the workshop advocated the need for partnership and cooperation with scientific endowments and foundations and related governmental or private sectors to benefit from their experience. In addition, there was a necessity of Awqaf management by the profit thought of the private sector, and thus the need to draw a constituent, strategic and operational plans, with emphasis on independence in management, to ensure flexibility in making investment decisions.

She stressed on the necessity of diversification of financial resources and investment portfolios endowment, to achieve this reduction in the degree of risk, and maximize return on investment.

The workshop also noted in its recommendations that the legislation represents the most important current challenges facing the creation of endowments, stressing the need to focus on the big opportunities, rather than focusing only on the problems.

Al-Asmari: it will be a tributary of development in the region and a model of real partnership between the community and the university.

For his part, His Excellency the Secretary of the project to establish King Khalid University Awqaf, who is also the supervisor of the investment management of the university, Dr. Ibrahim Al-Asmari, said that the workshop is the crossroads of experiences and ideas adopted by the King Khalid University, in collaboration with endowments of King Abdul-Aziz University, after hosting judges, businessmen, and academicians who are interested in Waqf, as an effort of the university to establish a unique model for university endowments in the King Khalid University. He added that the meditator in these endowments, as evidenced by many of the local and international experiences, it will be a tributary of development in the region and a model of real partnership between the community and the university.

It is noteworthy that the workshop was hosted by His Excellency the previous member of the senior scientists Sheikh Qais Al Mubarak, HE Dr. the former Minister of Labor and Social Affairs, Dr. Ali bin Ibrahim Al Namlah, HE King Abdul-Aziz University former director Prof. Osama Al Tayeb, the head of the General Court in Dammam His virtue Saad Al-Muhanna, in addition to the KKU vice-Presidents and colleges' deans, and a number of specialists and businessmen, in order to benefit from their expertise in the areas of religious endowments, and to establish a model for outstanding university endowments.

recommends managing Awqaf by the profit thought used in the private sector
المصدر: 
King Khalid University, Media Center

Within establishing University Awqaf workshop

Al Namlah: We are in a different stage and need to self-resources under the umbrella of the government

Within the workshop of establishing Awqaf for King Khalid University, in collaboration with the Creative Centre for Studies and consultancy and training at King Abdul-Aziz University, former Minister of Labor and Social Affairs, Prof. Ali Al Namlah said that private universities and institutions should be a financial tributaries for the government because we relied on the government a long time, and it is time to find self-resources.

Al Namlah explained that the project of establishing Awqaf for King Khalid University is a big project as it could provide the University with its needs. The project needs a long time, thus it would be enough to just start now, citing olive tree, which is grown now but for coming generations. He added that there were universities that were established depending on endowments. The best example of this is Harvard University, whose endowments estimated with $36 billion and is not kept in the banks, but is invested and the University just takes advantage of profits and investments which are called assets.

Al Namlah wonders, "Why the government should always do everything! We are in a different stage now in which we used to rely on the government for everything. We must live the current stage, relying on own resources, such as endowments. But, everything remains under the umbrella of the government and with direct full responsibility, sovereignty, supervision, and monitoring. The government is in need for helping arms from the civil and charitable sectors"

At the end of his speech, Al Namlah confirmed that there should be a great benefit from the local houses, not the international ones, which have experience in the establishing endowments. These houses could be good supportive for such projects. 

Subscribe to Awqaf