Saudi Arabia offers rewards of up to SR10 million for reporting unknown endowments

Dubai, UAE: The General Authority for Endowments in Saudi Arabia has introduced substantial incentives, offering up to SR10 million, for individuals who come forward with information about unidentified or dormant endowments. This new policy seeks to locate and revive assets whose status or benefits have been lost or suspended. The reward is set at a maximum of 5 per cent of the endowment's value, with an overall upper limit of SR10 million.

This initiative is part of a broader regulatory framework designed to manage unknown and inactive endowments, ensuring they are identified, addressed, and preserved while honoring the intentions of the original donors and supporting their ongoing maintenance and growth. The authority can uncover these assets through reports from the public, data gathered from governmental and judicial sources, or requests from other organizations.

An unidentified endowment may lack a trustee, have its existence concealed, or be unknown to the individual responsible for managing it. Conversely, a dormant endowment is one where the funds have not generated income for two consecutive years, or where the intended benefits have been halted under the donor's specified conditions.

Reports of these endowments must be new, supported by solid evidence, and submitted through the authority's designated channels. Reporters who submit valid reports are eligible for rewards, which are decided by the Committee for Unknown Endowments upon review of the case and the assessed value of the property. The committee evaluates the evidence's strength, the effort put into resolving the case, and the benefits gained for the endowment.

Administrators of endowments and individuals who have overstepped in managing an endowment are ineligible for rewards. When multiple individuals report the same endowment, priority is typically given to the first reporter, although subsequent reporters or others who contributed significantly to solving the case may also be rewarded.