Integrated Saudi financial system to diversify investment tools in the awqaf sector
Published 01 Dec,2020 via Asharq Alawsat (English Edition) - Recovery from the impact of the coronavirus pandemic on investment in Saudi Arabia’s Awqaf (Islamic endowments) has been detected after recording a sharp 20% decline in Q1 2020.
Real-estate comprises over 70% of the distribution of endowment portfolios in the Kingdom, experts in the Awqaf field revealed as the General Authority for Awqaf unveiled a number of initiatives and innovative products that are expected to overhaul the sector’s concept in Saudi Arabia.
“The Authority is working on building an integrated financial system that is supported by regulatory policies that grow investments and provide secure financial tools in a manner that is consistent with development needs. They will also unlock new areas and opportunities that imitate the best global, regional, and local practices,” Governor of the General Authority for Awqaf Emad Al-Kharashi told an audience at a virtual forum organized by Asharqia Chamber.
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Asharq Alawsat