Wareef Charity Honoured As Second Largest Endowment Fund By General Authority For Awqaf

The King Faisal Specialist Hospital Charity Foundation, known as "Wareef Charity," has been recognised for its significant endowment investment fund in Saudi Arabia. The General Authority for Awqaf awarded it second place at the "Nomo Financial Sustainability Forum." This accolade highlights the foundation's "Alinma Wareef Endowment Fund," which is the first publicly offered and open-ended endowment investment fund in the Kingdom.

Launched in November 2018, this fund is a collaboration between Wareef Charity and Alinma Investment Company. It serves as a sustainable financing tool, allowing both individuals and institutions to contribute to healthcare support. The fund's model involves investing endowment capital, with returns directed towards specialised health initiatives, enhancing financial sustainability in Saudi Arabia's non-profit healthcare sector.

The endowment fund plays a crucial role in achieving Wareef Charity's strategic objectives. These include securing sustainable funding for patient treatment, supporting medical research and healthcare development, promoting preventive health awareness programs, and training specialised healthcare professionals. These efforts align with national goals to enhance the role of endowments in vital sectors like healthcare.

According to data from the Saudi Stock Exchange (Tadawul), the market value of the "Alinma Wareef Endowment Fund" has surpassed SAR 87 million. This reflects the success of its investment strategy in maximising returns and effectively channelling them into medical research, treatment programs, and healthcare service development at King Faisal Specialist Hospital & Research Centre.

Endowment investment funds are structured vehicles designed for institutional management and growth of endowments. They operate under legal frameworks and specific policies that ensure transparency and effective governance. Regulatory bodies supervise these funds, providing mechanisms for diversified investments that maximise benefits for beneficiaries, founders, and the wider community.

This innovative approach positions Wareef Charity as a leader in enhancing financial sustainability within Saudi Arabia's non-profit healthcare sector. By focusing on strategic investments, the foundation ensures ongoing support for essential health initiatives while aligning with broader national objectives.

The recognition of Wareef Charity's efforts underscores its commitment to advancing healthcare support through sustainable funding models. By leveraging endowment capital effectively, it contributes significantly to improving healthcare services and outcomes across the Kingdom.

With inputs from SPA