Official Gazette publishes regulations for reviving unknown and inactive endowments

Saudi Arabia's Official Gazette has released new rules to revive forgotten and inactive endowments, with the goal of making sure they remain financially secure and properly managed. The Board of Directors for the General Authority of Awqaf approved these regulations. The main aim of the regulations is to create a set of guidelines for discovering and bringing back these endowments, making sure their original intentions are met and they continue to thrive in Saudi Arabia.

The regulations begin by defining key terms like "unknown endowment," "inactive endowment," and "will to endow." An "unknown endowment" is one whose payments have been halted, while an "inactive endowment" is one with a supervisor but experiencing payment halts. The regulations then explain how the General Authority will find these endowments through various sources, such as reports from the public, data from government and judicial bodies, and requests for help in reviving an inactive endowment. Anyone who finds an unknown endowment can report it, and those who do will be rewarded.

The regulations also outline when an endowment is considered inactive. This happens when the income from the endowment's asset has been stopped for two years in a row or when the benefit from a directly benefited endowment has been halted for two years in a row. The regulations make clear that these rules apply to all types of endowments, whether they involve land, possessions, or something else.