Means of boosting role of endowments in growth explored

Muscat: The 3rd Endowment Forum, organised by Imam Jabir Bin Zaid Waqf Foundation, was held in Muscat Governorate on Monday, with the participation of 350 representatives from different governorates of the Sultanate of Oman.

The forum was opened under the auspices of Sheikh Salim Mustahail Al Mashani, Adviser at the Diwan of Royal Court, in the presence of Dr. Mohammed Said Al Ma’amari, Minister of Endowments and Religious Affairs, government officials and representatives of the private sector.

This year’s forum explored means of enhancing the developmental role of endowments in the Sultanate of Oman, presented practical visions for integrating endowments with charitable action and highlighted the contribution of the public and private sectors to social sustainability.

The forum’s sessions focused on three main themes: the first dealt with the role of innovation and digital technologies in maximising the effect of endowment and charitable initiatives; the second reviewed the impact of integrative framework (between endowment and social responsibility) in enhancing development; and the third debated the concept of endowment as a strategic measure to support the economy and back domestic development.

The forum also reviewed the latest innovative methods and techniques in the management and development of endowments and the use of technology and digital transformation to enhance the efficiency of endowment performance and augment its developmental outcome.

On the sidelines of the forum, the Imam Jabir Bin Zaid Waqf Foundation signed two memoranda of understanding (MoUs) with Sohar Islamic and Sheikh Mustahail bin Ahmed Al Mashani Waqf Foundation.

The event included two workshops that were attended by more than 160 participants from public and private sectors, endowment foundations and charitable organisations. This was followed by a dialogue session that brought together leaders in endowment action and social responsibility.

The forum participants came up with a number of recommendations and proposals aimed at developing integration among parties engaged in endowments, social responsibility and charitable action in the Sultanate of Oman.

The recommendations highlighted the importance of investing endowment money through Sharia-compliant investment funds that generate attractive returns. They also called for leveraging innovative financing tools like endowment bonds and joint ‘waqf’ (endowment).