The Ministry of Awqaf and Religious Affairs in Oman has emphasized the importance of the Royal Directives issued by His Majesty Sultan Haitham bin Tarik regarding the establishment of the ‘Oman Endowment Foundation’. This announcement was made during a meeting of the Council of Ministers at Al Barakah Palace. The foundation will be responsible for investing endowment funds as well as funds from Bait Al Mal. It will be established following the best practices in this field and will be managed by individuals with expertise in investment and financial management from both the public and private sectors.
Dr. Mohammed bin Said Al Mamari, Minister of Awqaf and Religious Affairs, stated that the Ministry will adhere to the Royal Directives of His Majesty the Sultan in relation to the establishment of the Oman Endowment Foundation. He expressed that these Directives align with the objectives and aspirations of the endowment sector in the country. This move underscores the government’s commitment to promoting sustainable development and ensuring the effective management of endowment funds for the benefit of the community.
The establishment of the Oman Endowment Foundation demonstrates the Sultanate’s efforts to enhance the endowment sector and utilize its potential for socio-economic development. By leveraging the expertise of professionals in investment and financial management, the foundation aims to maximize the impact of endowment funds and generate sustainable returns. This initiative reflects the government’s vision to leverage endowment funds as a tool for promoting social welfare, supporting charitable activities, and fostering economic growth.
The Royal Directives of His Majesty Sultan Haitham bin Tarik underscore the importance of promoting transparency, accountability, and best practices in the management of endowment funds. The establishment of the Oman Endowment Foundation is a step towards institutionalizing the management of endowments and ensuring their long-term sustainability. By engaging experts from diverse backgrounds, the foundation seeks to adopt a holistic approach to investment and financial management, thereby ensuring the effective utilization of endowment funds for the benefit of society.
The Ministry of Awqaf and Religious Affairs is committed to overseeing the establishment and operation of the Oman Endowment Foundation in accordance with the Royal Directives. This foundation is expected to play a key role in supporting social initiatives, promoting ethical investment practices, and fostering responsible financial management. By creating a dedicated platform for managing endowment funds, the government aims to streamline the process of utilizing these resources for the greater good, in line with the values and principles of the Sultanate.
In conclusion, the establishment of the Oman Endowment Foundation represents a significant milestone in the government’s efforts to promote sustainable development and harness the potential of endowment funds for social and economic progress. By adhering to the Royal Directives of His Majesty Sultan Haitham bin Tarik, the Ministry of Awqaf and Religious Affairs is poised to create a robust framework for the management and investment of endowment funds, paving the way for a more inclusive and prosperous future for the Sultanate.
