Jadwa Investment Launches Nafaqah Waqf Fund with Ministry of Justice
October 28, 2020:
Riyadh, 28 October 2020: Jadwa Investment, a leading regional investment management and advisory firm, announced today the launch of the Nafaqah Waqf Fund in partnership with the Saudi Ministry of Justice. The focus of this endowment fund will be to support the basic needs of families facing a loss of income due to litigation or instability.
Waqf funds in Saudi Arabia enable charitable organizations to manage their endowments professionally through specialized investment managers and with the support of donations from the wider public. The Nafaqah Waqf Fund is a Shariah-compliant, multi-asset investment fund that is supervised by the General Authority for Awqaf and Capital Market Authority. As the fund manager, Jadwa will receive donations to the fund from subscribers and invest them in line with international endowment best practices, with the aim of preserving and growing the fund’s capital. Specifically, Jadwa will implement a balanced investment strategy that encompasses various short- and long-term investments locally and internationally across asset classes and in compliance with Islamic finance guidelines.
Eng. Abdulmalik Mohammed Alsaeed, Acting Managing Director of Nafaqah Fund, said: “Since its inception on 11/15/1438 AH in line with Cabinet Decision No. (679), Nafaqah has already supported more than ten thousand Saudi citizens. With the launch of the Nafaqah Waqf Fund in partnership with Jadwa Investment, we expect the number of beneficiaries to exceed thirty-five thousand citizens. It gives me great pleasure to invite the public to participate in achieving this goal, and we ask God to bless our efforts to meet the needs of our beneficiaries.”
Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, commented: “We are honored to launch this fund for the purpose of supporting the most vulnerable in our society. Serving the non-profit sector in Saudi Arabia has always been an important priority for Jadwa, and we will mobilize our full investment management capabilities to prudently invest the Nafaqah Waqf Fund across markets and asset classes. Indeed, I am grateful to the Ministry of Justice for their continued trust in our ability to add value as a socially-minded investment management partner.”
Contributions of Zakat and donations to the fund can be made either through bank transfers or direct subscriptions. Transfers can be made by sending donations to Nafaqah cash accounts (www.Nafaqah.sa). Alternatively, donors can subscribe directly to the fund by opening an account with Jadwa Investment at www.jadwa.com.