‘Awqaf’ Issues Beneficiary Standards to Enhance Governance, Transparency, and Endowment Protection

The General Authority for Awqaf (Awqaf) has issued Beneficiary Standards for endowments pursuant to a decision by its Board of Directors, as part of its ongoing efforts to strengthen governance and transparency and to elevate the endowment system in the Kingdom in line with leading local and international practices.
 The issuance forms part of the authority’s regulatory mandate and aligns with its strategic objectives to regulate, preserve, and develop endowments, ensure the fulfillment of donors’ intentions, and enhance the developmental and social impact of endowments. These efforts contribute to supporting the financial sustainability of the endowment sector and reinforcing the principles of integrity and reliability.
 The standards aim to enhance transparency in waqf operations, guide trustees in identifying the true beneficiaries of endowments, ensure compliance with local and international requirements, prevent the misuse of endowments for money laundering or terrorist financing, and provide accurate, sufficient, and timely information on the real beneficiaries of endowments in the Kingdom.
 The authority affirmed that the issuance of these standards reflects its commitment to developing the regulatory framework of the endowments sector, strengthening its integration with relevant national systems, and aligning it with the recommendations of the Financial Action Task Force (FATF). This supports the goals of transparency, protects endowments, maximizes their developmental impact, and enhances their role as an active contributor to the Kingdom’s sustainable development.
 The standards are available on the authority’s website at: https://t.co/CIWLYx5HAK.