Alkhabeer Waqf Fund I is an open-ended public waqf investment fund intended to generate an annual income to the Society of Majid bin Abdul Aziz for Development and Social Services (Beneficiary) of not less than 75% of the Fund’s net returns – if any – to support the Society’s charitable activities, with the balance of the returns to be retained and reinvested in Alkhabeer Waqf Fund I.
The Fund Manager will invest the Fund’s assets professionally to achieve capital gain and distribute a percentage of the returns (Waqf Yield), to be paid annually on an ongoing basis to cover the Fund’s waqf expenses, namely the services provided by Majid Society (Beneficiary). The Beneficiary shall spend the Waqf Yield on development and social service under the Society’s development programs.
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The Society of Majid bin Abdul Aziz for Development and Social Services was founded in 1998 by HRH Prince Majid bin Abdul Aziz as a social development society licensed by the Ministry of Labor and Social Development, with its principal office in Jeddah, operating within the Kingdom of Saudi Arabia. For more information on the Society.
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