“Family Endowments: Their Roles and Sustainability Enablers for Success” was the ambitious theme of the fourth edition of the 2024 Waqf Practices Forum, held under the generous patronage of His Royal Highness Prince Saud bin Nayef bin Abdulaziz Al Saud, Governor of the Eastern Province. I had the honour of participating as a speaker in one of its sessions, responding to a gracious invitation from the Eastern Province Chamber of Commerce in the Kingdom of Saudi Arabia. To briefly highlight the forum’s main objectives and key themes, it focused on the vital role of family endowments as a source of security and sustainability for family businesses and their continuity into the future. From this perspective, the forum served as a rich and dynamic platform to explore best practices and innovative initiatives in the field of endowment. It aimed to introduce new concepts designed to enhance the efficiency of endowments and boost the growth of their investments by shedding light on local and international experiences and initiatives. This year’s forum stood out with the organization of six enriching dialogue sessions featuring nearly 18 valuable papers. These papers revolved around various themes, including the concept and governance of family endowments, enablers for their sustainability, and the role of endowments in ensuring the stability of family businesses. Notably, the forum highlighted significant advancements in endowment mechanisms, the foundations of their investment, and the ease of financing endowment projects through financial institutions, supported by the Kingdom’s unwavering commitment to developing this sector. Among the notable experiences presented at the forum were the endowments of Suleiman Al-Rajhi, the endowments of Ali Al-Dhoyan, the experience of the Kouhji Charitable Trust in Bahrain, the endowment of Abdullah bin Ibrahim Al-Suwailem (may he rest in peace), and the Al-Othaim Charitable Foundation. I had the honour of contributing a paper titled “Immortal wills”, in which I showcased the experience of Al-Othman Endowment as a model of family endowments with both charitable and familial dimensions. The endowment is uniquely managed through a collaborative governance model involving the public sector represented by the General Authority for Minors’ Affairs and the private sector, represented by the heirs and trustees. In my paper, I highlighted the societal achievements of the endowment through its distinguished projects, such as Dar Al-Othman, the Promenade Cultural Center, Beit Al-Othman Museum, and the Promenade mall. I also discussed the foundations of family endowment sustainability, focusing on its strategic investment and development plans aimed at enhancing returns and ensuring revenue continuity. Additionally, I emphasized the administrative enablers that have contributed to its success, including a robust governance structure, financial accuracy ensured by auditing from certified accounting firms, and periodic performance evaluation reports. In conclusion, based on my experience, this forum was not just an ordinary meeting or a typical dialogue session but part of a comprehensive developmental journey. Every year, it facilitates the exchange of expertise to advance the charitable sector. I extend my deepest gratitude to the forum’s patron, His Royal Highness Prince Saud bin Nayef bin Abdulaziz Al Saud, to the Endowments Committee and organizers at the Eastern Province Chamber of Commerce, and to the General Authority for Endowments for their invaluable role in promoting the culture of endowment and developing its mechanisms. My thanks also go to the sponsors of the forum and all the speakers who shared their rich and valuable experiences.
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