In a step aimed at expanding the Fund’s activity, the Minister of Social Affairs supports the idea of ​​transforming the Sustainability Fund initiative into a charitable institution

The Supervisory Board of the Sustainability Fund visited His Excellency the Minister of Social Affairs to inform him of the achievements and brief him on the most important developments. The Fund was represented by Mr. Muhammad Al-Khamis, Chairman of the Supervisory Board, Mr. Muhammad Al-Fares, Board Member, Mr. Mashouh Al-Hoshan, Board Member, Mr. Sultan Al-Sultan, Executive Director, Mr. Muhammad. Al-Musaad, Secretary of the Council, and Dr. Abdullah bin Nasser Al-Sadhan, Undersecretary of the Ministry, also attended the meeting. During the meeting, the most prominent results of the Fund’s work were presented, including reports on the volume of financing, funded projects, and activities accompanying financing from forums and workshops carried out by the Fund, in addition to presenting the most prominent administrative procedures followed to approve financing. The report was admired and praised by His Excellency the Minister. He also praised Sheikh Sulaiman Al-Rajhi, may God protect him, and the charitable organization. For its support and adoption of this idea, it also became clear that His Excellency the Minister is aware of the results of the Fund’s work and follows its activities. After that, opinions were exchanged on the Fund’s ambitions and development. Council members proposed the idea of ​​the Ministry licensing the Fund as a charitable institution specializing in Qard Hassan to expand the Fund’s activity and objectives and avoid regulatory obstacles. His Excellency expressed his support for the idea and his initial approval for it not to be limited to good lending only, but rather to include providing non-financial services to beneficiaries such as developing, qualifying and activating cadres and mechanisms in order to spread the idea and culture of financial sustainability. He also presented the Ministry’s readiness to participate in supporting projects financed through the Fund with a certain percentage. With non-refundable support, he finally stressed the importance of highlighting the Fund’s activity, and proposed implementing a Kingdom-wide forum for all charitable societies focusing on financial sustainability and its applications to... The meeting ended with His Excellency the Minister thanking him and requesting His Excellency the Undersecretary to communicate with the institution about: 1/ The new institution, its goals and activities. 2/ The proposed forum for financial sustainability.