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Ministry welcomes creation of 'Oman Endowment Foundation'

Oman Tuesday 28/May/2024 20:22 PM
By: Times News Service

Muscat: The Ministry of Awqaf and Religious Affairs reaffirmed the significance of the Royal Directives of His Majesty Sultan

Haitham bin Tarik on establishment of the 'Oman Endowment Foundation', which His Majesty announced while presiding over the meeting of the Council of Ministers, at Al Barakah Palace yesterday.

This foundation will be mandated to invest endowment funds and funds from Bait Al Mal (House of Funds). The new foundation will be set up in accordance with the best practices in this field. The foundation will be provided by persons of expertise in the fields of investment and financial management, both from the public and private sectors.

Dr. Mohammed bin Said Al Mamari, Minister of Awqaf and Religious Affairs said that the Ministry will follow the Royal Directives of His Majesty the Sultan related to the establishment of Oman Endowment Foundation for management and investment of the endowment funds.

He said that the Royal Directives meet the objectives and aspirations of the endowment sector.