Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- Shoura studies new law on donations  Join our daily free Newsletter

MENAFN - Arab News - 11/02/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN -Arab News) The Shoura Council is currently considering a new law that would ban the unapproved collection of donations from the public by charities and religious organizations, including tough new rules on getting permits and issuing financial statements.The Shoura Council's social affairs, family and youth committee wants the law approved by the country's legislative advisory body. It wants the government to regulate the process of collecting donations particularly during certain times of the year.The first article of the bylaw applies to all locally licensed charities and preaching bodies in the Kingdom.The law would allow some registered bodies to accept donations from outside the Kingdom because many have links to UN programs.Article 2 of the law stipulates that only authorized persons are allowed to seek and collect donations.The committee has removed the phrase “to call for donations” arguing that charity organizations, imams and preachers should be urging people to donate anyway.Article 4 stipulates that charities should only collect donations through their bank accounts endorsed by their senior management and in compliance with Saudi Arabian Monetary Agency (SAMA) regulations. They should also provide official, numbered receipts for the money received.Charities should also use the money raised for stated activities, and submit detailed financial statements with supporting documentation outlining income and spending.In addition, private printing firms are prohibited from printing any donation receipts for charities until they receive confirmation of their permits. Raising money for waqf projects and investments requires the written approval of the supervising body, the exact time frame of the project, and the names, goals and costs of the initiatives.


 


Arab News




  MENA News Headlines
 Oct 2 2014 - Qatar's Barwa to sell land for USD697mMENAFN
(MENAFN) Qatar's Barwa Real Estate announced it is planning to sell a land worth USD697.4 million to the government, Gulf Daily News reported.For the piece of land, located in Lusail City and which ...

 Oct 2 2014 - Oman's OIF to acquire 33.6 percent stake in TaageerMENAFN
(MENAFN) Oman Investment Fund (OIF) announced it is acquiring 33.63 percent stake in Taageer Finance Co. from Al Anwar Holdings, Muscat Daily reported.The deal, which is awaiting a formal approval ...

 Oct 2 2014 - Retaj seeks to invest in MoldovaMENAFN
(MENAFN) Retaj is looking for opportunities to invest in real estate, tourism and hotels in Moldova, as well as looking into different investment opportunities available in the country and also ...

 Oct 2 2014 - BP Oman awards 2 USD730m drilling contracts for Khazzan projectMENAFN
(MENAFN) BP Oman announced it has awarded two long-term drilling contracts for the Khazzan project, both valued at more than USD730 million, Times of Oman reported.The first contract was awarded to ...

 Oct 2 2014 - ME's carriers cargo growth up 7.8 percent in AugustMENAFN
(MENAFN) Middle Eastern carriers reported a growth by 7.8 percent in cargo in August, which is lower than the 2014 average of 9.6 percent previously expected, Arabian Business reported.Despite growth ...

 Oct 2 2014 - UAE, US sign MoU to increase energy cooperationMENAFN
(MENAFN) The UAE's Ministry of Energy announced it has signed a Memorandum of Understanding (MoU) with the US Ministry of Energy in order to strengthen the bilateral energy relationship, joint ...

 Oct 2 2014 - Abu Dhabi Ports to open ship-repairing facilityMENAFN
(MENAFN) Abu Dhabi Ports Company (ADPC) announced it has leased a land to Topaz Marine Engineering Division, one of the Middle East's leading marine engineering services, for the purpose of ...

 Oct 2 2014 - UAE writers celebrate UN honoring of His Highness the AmirKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The UAE Writers Union has celebrated the recent UN acclamation of His Highness the Amir (of Kuwait) Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah as an international ...

 Oct 2 2014 - Malaysia, FBI cooperate to uproot ISIL threatsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Malaysia would join the US-based Federal Bureau of Investigation (FBI) in the fight against Islamic State in Iraq and the Levant (ISIL) militants, Home Minister ...

 Oct 2 2014 - Two suicide attacks kill seven in KabulThe Peninsula
(MENAFN - The Peninsula) Two Taliban suicide bombers carried out separate attacks on Afghan army vehicles in Kabul yesterday, killing seven people and injuring 19, the government said, a day after ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help