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The Association for the Care of Road Mosques is preparing to launch its endowment fund with a capital of 100 million riyals, the first endowment fund for mosques, after being transferred to the mid -week in the Ministry of Labor and Social Development and transformed into an association.
The fund will be the main driver of the company's work along three axes: construction, maintenance, cleaning and restoration, with the aim of achieving the company's vision that mosques on roads should be exemplary and sustainable.
The Fund employs to strengthen Awqaf's development role in supporting the care of mosques and the development of suspended assets for the Fund and investments for the benefit of endowment banks and suspended assets, as well as the value of the assets of 100 million riyals, when the Assembly allocates the proportion of revenues (endowment) on an annual basis and continues on its specified banks.
The fund, managed by Alinma Investment, occupies mosques through the intermediary of a beneficiary who undertakes to pay the waqf yield for this purpose, by restoring the old mosques and by responding to their needs. The fund is supervised by the Capital Market Authority and the General Authority of Dotowments.
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