Issuing new updates on the family fund regulatory rules
The National Center for the Development of the Non-Profit Sector announced the launch of a set of updates to the regulatory rules for family funds to facilitate procedures and achieve important gains, by updating some rules and adding new items that contribute to supporting financial targets, facilitating procedures for beneficiaries, and strengthening the bonds of extended families.
The list of updates in the regulatory rules for family funds, which will enter into force on 4-8- 2023, includes many major gains, as the requirement of the minimum number of people who can establish the fund has been abolished, and replaced by the requirement of a majority for the public interest, and allowing for the establishment of more than one fund for the family. It also facilitated the procedures for establishing the family fund, motivating family members to establish it, and exempting them from the restrictions that impede that, in addition to providing an opportunity for those who wish to donate to family funds from outside the family members after the approval of the center, similar to civil institutions, and the requirement for the financial supervisor to be present in the transaction was cancelled. Finance lat.
These updates reflect the important role that family funds play in establishing them in order to strengthen the ties of kinship, spread the spirit of harmony and solidarity among members of the same family, organize ways of benevolence in them, reconcile relations, and cooperate in righteousness and piety among family members. And the CEO of the center, Ahmed Al-Suwailem, confirmed that the new updates contribute to expanding the scope of family funds to include extended families, and an increase in the number of funds, facilitating the conduct of financial and administrative matters related to them, and the benefit of relatives from their services. To achieve the effectiveness of family funds in order to achieve the goals of the Kingdom’s Vision 2030, and to enhance its vital and sustainable development role.
It is noteworthy that these updates come within the framework of the efforts of the National Center for the Development of the Non-Profit Sector; To enable sustainable financial targets, and to ensure the governance of procedures in the activities of family funds.