The General Authority for Awqaf has issued the “Regulation for Reviving Unknown and Idle Endowments” under a decision of its board of directors, the Saudi Press Agency reported. The regulation sets out an integrated framework that moves beyond reporting unknown and idle endowments (waqfs) to organizing their revival, so that they are preserved, returned to beneficial use and managed in line with the conditions set by their founders.

The regulation replaces the previous rules on reporting unknown endowments and extends reporting and treatment to idle endowments. It broadens the range of parties that can take part in revival and allows several revival and development methods, including investment, development, financing and partnership, in accordance with the relevant laws and the founder’s conditions.

It also organizes incentives for reporting unknown endowments, raising the maximum reward for an informant to SAR 10 million, while setting out informants’ rights, keeping their data confidential and notifying them of the outcome of their reports.

The authority urged members of the public and relevant bodies to report unknown endowments and share information about them. It noted that it has already identified endowments with total assets exceeding SAR 1.5 billion, as part of its work to protect, develop and maximize the economic and social impact of the endowment sector.