Saudi-based asset manager, Jadwa Investment, has joined forces with the Saudi Ministry of Justice to launch an endowment fund to support families facing a loss of income as a result of Covid-19.
The Nafaqah Waqf Fund is a sharia-compliant, multi-asset fund that will be supervised by the General Authority for Awqaf and the Capital Market Authority.
Waqf funds in Saudi Arabia enable charities to manage their endowments through professional investment managers and to accept donations from the general public.
Jadwa will act as the fund manager and will invest any donations from subscribers based on a sharia-complaint multi-asset strategy incorporating local and international investments.
“Serving the non-profit sector in Saudi Arabia has always been an important priority for Jadwa, and we will mobilise our full investment management capabilities to prudently invest the Nafaqah Waqf Fund across markets and asset classes,” said Tariq Al-Sudairy, managing director and chief executive of Jadwa Investment.
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