The Sultanate of Oman has over 36,000 endowments valued at more than RO 14 million, making it one of the largest in the region, according to the Ministry of Awqaf and Religious Affairs.
In addition, there are more than 55 public and private endowment institutions. This significant number of endowments and institutions highlights the vital role endowments play in economic and social development in the country. It underscores the necessity to enhance cooperation between these institutions and explore innovative solutions to ensure the sustainability of endowment revenues and maximise their impact on society.
This information was shared during the announcement of the ‘Oman Endowment Conference’ with the theme Innovation and Sustainability. The conference is scheduled for December 16 and 17 at the Oman Convention and Exhibition Centre (OCEC).
The Oman Endowment Conference aims to provide innovative and sustainable solutions that contribute to achieving the goals of Oman Vision 2040. It is jointly organised by the Ministry of Awqaf and Religious Affairs and the Bausher Endowment Foundation. The conference emerged in response to the urgent need to enhance innovation and sustainability in the endowment sector in the Sultanate of Oman.
Abdulaziz bin Masoud al Ghafri, Assistant Director-General of Endowments at the Ministry of Awqaf and Religious Affairs, said during a press conference that the conference aims to provide innovative and sustainable solutions to achieve the goals of Oman Vision 2040.
Al Ghafri added that the conference also seeks to enable endowment institutions to lead in achieving development and consolidating the role of endowment as an effective tool to support the national economy.
Eng Mohammed bin Salim al Busaidy, Head of Bausher Endowments, expressed that the endowment sector has been garnering significant interest from the government, represented by the Ministry of Awqaf and Religious Affairs, and from society, represented by public and private endowment institutions.
Al Busaidy stated, “Endowments have played a crucial role in society and the economy, contributing significantly to the GDP. This underscores the importance of endowments in the country. The conference will feature a high-level panel of speakers and experts.”
The conference will include over 20 distinguished speakers, prominent figures, and local and international experts who will present working papers and engage in discussion sessions. Notable speakers include His Highness Sayyid Dr Adham bin Turki al Said, Dr Muhammad Gormaz, Dr Ziad bin Othman al Haqil, Dr Ahmed bin Fahd al Duwaiyan, and Dr Abdul Mohsen Abdullah al Kharafi.
The event aims to focus on innovation in sustainability techniques, endowment investments, and connecting these innovations to endowment sustainability and their positive societal impact. It also seeks to bring about a transformative change in the endowment sector by empowering endowment institutions to lead in development and solidifying the role of endowments as a tool to bolster the national economy.
Specialised workshops will provide practical skills and tools to workers in the endowment sector, including workshops on Governance, Performance Indicators, Risk Management, and Compliance in the Endowment Sector (GPRC), contemporary endowment investment, and measuring the social return on investment (SROI).
Endowment institutions, individuals in the financial and charitable sectors, and those interested in the field are encouraged to participate in the conference and contribute to its outcomes. The conference is expected to significantly impact the development of the endowment sector and enhance its role in sustainable development.
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