The Ministry of Endowments and Religious Affairs launches the project of charitable endowment foundations
Date: Monday 24 April 2017
Hijri Date: CE | 15 Safar 1440 AH
On Monday 10 April 2017 AD, the Ministry of Endowments and Religious Affairs was launched the project of charitable endowment institutions under the care of HE Mr. Hamoud bin Faisal Al Busaidi, Minister of the Interior. The project comes within the framework of an integrated vision as well legal and administrative legislative system resulting from the work of Ministry of Endowments for nearly 20 years, beside a closer look to similar external experiences.
These institutions are like endowment institutions; they are independent urban initiative, the first in its strategic and operational structure of the Islamic world, and allow the real partnership to society in managing and investing endowments under the supervision the ministry.
The project aims to involve the charitable society and its effectiveness through the endowments institutions by providing a new vision for endowments and zakat commensurate with the current time and people`s needs. Also it will provide an innovative idea for charitable institutions to distribute their available resources in order to achieve community development.
A lot of new modern prospects and visions will be opened in the various governorates to people who are supporting the establishment of development endowments projects concerning the fields of endowments and Zakat. As well the project will achieve the operational independence for the endowment institutions apart from centralization and usual routine to the optimal investment of energies and human resources in society in order to support endowments and enhance its contribution, development with thought, experience and money for performing its civilized message.
The project is accompanied by an in progress operational plan to complete it, including the amendment of Endowments Act by adding Chapter 7 concerning the legislation to establish endowments foundations (the project will be legally), issuing the executive regulations of the law of endowments, as well preparing guidance handbook preparation about the establishment of endowment institution, conduct of the administrative proceedings and its requirements such as request application or statute model. It will be working on the preparation of the governance guide related to endowments institutions, its administratively and financially structure contracting with "Deloitte Company", as well as the development of an integrated electronic system characterized by flexibility and accuracy in completing all requirements of charitable society regarding endowments and Zakat to cover all needs of charitable society; the Ministry will supervise and manage these institutions contracting with "Al-Madina Company" for Development and processing. Also it was signed memoranda of understanding with some banking institutions to submit investment offers or banking facilities institutions for establishing endowment institutions and Zakat` accounts.
The Ministry of Endowments and Religious Affairs hopes that all society members interacts with this strategic project to be a charitable project within an integrated institutional framework for achieving significant benefits inspired by a true partnership between the government and citizens, and hopes to record national initiatives to establish public or private endowments institutions working to achieve strategic objectives and meet the aspirations of the society and its institutions, which are established by good people in all various states of the Sultanate. These endowments institutions will provide promising investment opportunities to return again in the form of profits and fill all their needs and expenditure.
The Ministry also hopes that the project with its fixed assets will benefit all various sectors across the system of these institutions by converting the idea of direct spending to sustainable development sources in order to cover all their expenditure` needs and achieve their objectives; as well the system will turn from individual administration method through agents to an integrated institutional work to be a part of promising endowment institutions.
The Ministry seeks to achieve the project` vision by forming models of public or private creative endowment institutions in order to be an integrated qualitative product presented as an Omani civilized project benefiting the regional and international environment in the field of endowments administration.
The Ministry has worked to complete a quality system that meets the needs of this development vital project by signing a number of agreements with international and domestic companies specialized in various fields in order to make charitable endowments institutions as a fact benefiting this good country and providing charitable effects to serve humanity as a whole.
To achieve the strategic objectives of the charitable endowment project, the Ministry has adopted two types of institutions; Private Endowment Institution which requires as a minimum 100,000 OMR ("cash or in kind") to be established, a board of 5 members at least authorized to manage, invest and spend its funds of five persons, a statute that sets its objectives and management mechanisms and determines the permanent headquarters of the institution, also must has an accounting office to audit its accounts and funds movements.
The inauguration ceremony included speeches by the project` participants followed by the signing of decrees by HE Sheikh Abdullah bin Mohammed Al-Salmi, Minister of Endowments and Religious Affairs for establishing endowments institutions.