Jadwa Investment partners with Saudi Ministry of Human Resources and Social Affairs to develop non-profit sector
Riyadh, 19 April 2021: Jadwa Investment, one of the region’s leading investment management and advisory firms, has announced the signing of a Memorandum of Understanding (MOU) with the Ministry of Human Resources and Social Affairs to launch two investment funds for the purpose of supporting the development of the non-profit sector in the Kingdom.
Through the establishment of the two investment funds, Jadwa and the Ministry will offer all non-profit organizations licensed by the Ministry of Human Resources and Social Affairs a Shariah-compliant investment platform to preserve and grow their capital over the long term through balanced and conservative investments across asset classes. As the sole fund manager, Jadwa will provide the strategic and operational support to ensure that the funds are managed in line with the investment objectives, risk appetite and liquidity requirements of participating non-profit organizations.
Commenting on the MOU, Mr. Ahmed AlMajed, Deputy Minister of the Ministry of Human Resources and Social Affairs, said: “We are looking forward to activating the partnership with Jadwa Investment to benefit from its expertise and provide its services to non-profit sector organizations, as these organizations play a large and very important social and development role by implementing their programs that serve, assist and empower dear people in society with their various needs in all regions of the Kingdom. The Ministry is keen to develop the financial capabilities of non-profit sector organizations in order to diversify their sources of income and enable them to continue practicing their work and achieve the goals for which they were established to the fullest extent. There is no doubt that establishing investment funds for non-profit sector organizations will be one of the main enablers and tools for the financial sustainability of associations. Participation in these funds will be available to NGOs and non-profit sector organizations in the near future, at the will of God”
Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, commented: “Jadwa takes pride in its ability to tailor our products and services to the needs of our clients, affording them greater access to Shariah-compliant investment offerings across asset classes. The Kingdom’s non-profits deserve world-class investment management, and we are honored to have been selected by the Ministry of Human Resources and Social Affairs to enable the development of this important sector.”
This MOU comes on the back of Jadwa’s initiatives and partnerships with other government agencies to develop the non-profit sector in the Kingdom. In October 2020, Jadwa announced the launch of a waqf investment fund in partnership with the Ministry of Justice to support the basic needs of families facing a loss of income due to litigation or instability.