Muscat: The Ministry of Awqaf and Religious Affairs (MoARA) underscored the significance of the Royal directives His Majesty Sultan Haitham bin Tarik gave while presiding over the Council of Ministers’ meeting to set up the Oman Endowment Foundation to invest funds of endowments and Bayt Al Mal (house of wealth) in accordance with best practices. In this regard, and providing it with qualified competencies in the field of investment and financial management from the public and private sectors.
Dr Mohammed bin Said al Maamari, Minister of Awqaf and Religious Affairs, said: “The Ministry will soon start putting into effect His Majesty’s directives in coordination with the authorities concerned with establishing the Oman Endowment Foundation and its related governance.
The minister stated that these directives would achieve the goals of the endowment sector and its strategy to take care of the civilizational dimension of endowments and realize the desired goals of endowments. — ONA
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