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.


 






  MENA News Headlines


 
Click to Apply






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
Marketwatch News
UPI News
Comtex News

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