Al Mubarak: the fair valuation is integral part of the success of the endowment process

The Minister for Islamic Affairs, Endowment, Dawa and Guidance, Sheikh Saleh bin Abdul Aziz bin Muhammad bin Ibrahim Al Al-Sheikh opened the Third Forum of Endowments on last Sunday, which was organized by the Endowment Committee in Riyadh Chamber, in King Faisal Conference Hall, at the Intercontinental Hotel on 5 and 6 Jumada Al-awwal 1437 H, corresponding to 14 and 15 February 2016, and the forum was based on five main axes, 15 working papers and four workshops, covering issues of Awqaf and providing solutions to their problems.

The Saudi Authority for Accredited Valuers “Taqeem” participated in the second day of the forum by a work paper entitled "the valuation authorities and their roles in preserving the endowments", which was presented by the Secretary General, Mr. Issam Al Mubarak who praised the valuation process, clarifying that the valuation process is the base and the foundation of the important economic decisions, like buying and selling, mergers , acquisitions and corporate division, inheritance, conflict settlements  and compensation and determining the purposes of investments and its implementation, and many steps that are directly or indirectly related  to valuation, saying that the fair valuation is one of the most important elements of the maintenance of savings and assets. 

Al Mubarak linked between endowments and valuation by saying: “for the importance of endowments and the different dimensions that focused on, the Authority agrees with the Endowment Committee, and with any other parties in organization and coordination processes, that ensure the continued success of the work of this sector, and increase the earned benefits achieved through it, so no doubt that fair valuation based on international standards, which the Authority qualifies its members according to them; relying on steady and uniform standards far from the affections to give a true and fair value. It will help businessmen, businesswomen and philanthropists in making their decisions to either buy, sell or invest, in order to maintain these endowments and ensure the continuity and sustainability of their utility, and achieve the general goal of it”.

Al Mubarak discussed the roles of the Saudi Authority for Accredited Valuers, which appear in organizing and developing the valuation profession, and qualifying valuers work according to the best international standards saying: “the Authority has contracted number of partnerships with organizations and global councils, aimed at promoting the valuation profession, the development of their potentials and the enhancement of their capabilities, in a scientific and accurate way keeps the rights and preserves them from loss. The Authority has aimed - since its foundation until now - at putting set of necessary standards for real estate valuation, economic business, equipment, and the movable properties.

About the purposes of the Authority, the Secretary General of "Taqeem" clarified; “we aim basically at the development of the profession, raising the level of their employees, setting the general rules for gaining the Authority membership at different levels and keeping it, and providing the means of continuous development to improve its members to the best practice levels with adherence to the international standards of profession”.

It is noteworthy that the Third Forum of Awqaf gets widely attention from the government, that appears in the active presence of a number of government agencies, as well as to the Saudi Authority for Accredited Valuers: Royal Court, Ministry of Social Affairs, Ministry of Trade and Industry, Ministry of Economy and Planning, The Higher Institute of Judiciary, King Fahd University of Petroleum and Minerals, General presidency for the Affairs of the Two Holy Mosques, Human Development Fund and the Saudi Quality Council, along with a distinctive participation of the private sector. The Forum activities included an exhibition, four workshops, the workshops entitled "Endowments... Barriers and Solutions", "Contemporary Trends in Endowment Banks", "The Establishment of Endowments" and "Successful Investment".