Business & Money | Tuesday 12 May, 2015 1:09 am |

Alkhabeer Capital, a leading asset management and investment firm based in Saudi Arabia, announced the launch of its “Waqf” (endowment) program, intended to provide advisory services for structuring Waqf entities and managing its assets.

Through its Waqf program, Alkhabeer is targeting educational and charitable institutions, family offices, high net worth individuals and other philanthropists who aspire to establish Waqf entities. The program addresses the challenges of traditional Waqf by providing innovative Waqf structures in compliance with best standards of governance, disclosure and independent supervision to ensure the management of the Waqf affairs in accordance with terms of the Waqif (Waqf founder). Thus, Alkhabeer’s Waqf program offers a holistic Waqf solutions subject to international and local laws and regulations, and consistent with international standards, starting with the selection of the Waqf structure, through the development of the Waqf investment strategy with an open platform methodology, based on scrutinizing and selecting independent wealth and asset managers to manage the Waqf portfolio and help maximize returns on its investments.

This step is a key complementary component of the advisory and investment services Alkhabeer Capital provides. It also avails the opportunity to benefit from the Government’s declared objectives in the development and regulation of the Waqf sector, and realize the aspirations of a large segment of clients looking for a new Waqf structure which enables them to overcome the obstacles of traditional Waqf.

Commenting on the launch of the new program, Alkhabeer Capital Executive Director and CEO, Mr. Ammar A. Shata, said: “We at Alkhabeer are proud to be the first CMA licensed financial company to provide services in structuring Waqf entities, enabling Waqfs to invest in all types of assets without any geographical limitation, under an independent portfolio, free of administrative complexities. Our Waqf program is the fruit of years of research and consultations with experts in local and international Waqf endowments, legislators and asset managers. The program allows the Waqif to establish a Waqf structure on solid foundations, with requisite flexibility to adapt to changing future investment and economic conditions.”

Shata added: “It is noted that the West have developed the Islamic Waqf industry and created Waqf products to preserve wealth, develop assets and ensure growth of returns in the long term, such as educational endowments and trust funds. As an example of modern Waqf experiences worldwide, Harvard University Endowment Fund, is comprised of a portfolio of over US $ 36 billion, with returns on investments covering over two thirds of the University’s operating expenditures.”

Alkhabeer Capital is specialized in asset management and investment advisory services. It is licensed by Saudi Arabia’s Capital Market Authority (CMA), license # 07074-37.