The King Faisal Specialist Hospital Charity Foundation, also known as “Wareef Charity,” has been honored with second place for having the second-largest capital in an endowment investment fund in Saudi Arabia. The recognition was awarded by the General Authority for Awqaf during the “Nomo Financial Sustainability Forum.” The accolade highlights the foundation’s “Alinma Wareef Endowment Fund,” the Kingdom’s first publicly offered and open-ended endowment investment fund.
Wareef Charity
Established in November 2018 through a collaboration between Wareef Charity and Alinma Investment Company, the fund operates as a sustainable financing tool, allowing individuals and institutions to contribute to healthcare initiatives. Its innovative model focuses on investing endowment capital and allocating the financial returns to support specialized health programs. This approach has positioned the fund as a pioneering solution for enhancing the financial sustainability of Saudi Arabia’s non-profit healthcare sector.
Moreover, the Alinma Wareef Endowment Fund plays a direct role in advancing Wareef Charity’s strategic objectives, which include securing sustainable funding for treating underprivileged patients, supporting medical research and healthcare development, promoting preventive health awareness campaigns, and training specialized healthcare professionals. These efforts align with the Kingdom’s broader national goals of strengthening the role of endowments in supporting critical sectors, particularly healthcare.
Alinma Wareef Endowment Fund
According to data from the Saudi Stock Exchange (Tadawul), the market value of the Alinma Wareef Endowment Fund has surpassed SAR 87 million, reflecting the success of its investment strategy. The fund has effectively maximized returns, channeling them into medical research, treatment programs, and the development of healthcare services at the King Faisal Specialist Hospital & Research Centre. Additionally, this ensures the long-term sustainability of specialized health initiatives.
Endowment investment funds like the Alinma Wareef Endowment Fund are structured vehicles designed for the institutional management and growth of endowments. Governed by legal frameworks and specific policies, they ensure transparency, effective governance, and regulatory oversight. These funds also provide a mechanism for diversified investments, maximizing benefits for beneficiaries, founders, and the broader community.
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