Benefits of Family Funds
Regulating the family’s financial accounts and expenditures.
Distributing family members’ Zakat to eligible relatives.
Enabling the secure investment and growth of family assets.
Having a legal personality that ensures continuity and sustainability.
Objectives of Family Funds
Helping organize charitable giving among family members.
Contributing to the education, training, and development of family members.
Fostering cooperation in righteousness and piety.
Strengthening family ties.
Promoting solidarity, harmony, and compassion among family members.
Types of Family Funds
Under the Regulatory Rules for Family Funds, family funds fall into three principal categories:
A Fund Named After Its Founder
A Fund Named After an Affiliated Individual
Provided that the individual after whom the fund is named is alive.
A General Fund
May be established by one or more families
Family Fund Establishment Process
When establishing a family fund, the following steps will be completed in coordination with the Center:
- 1 Selecting the fund’s name.
- 2 Appointing the fund’s Board of Trustees.
- 3 Drafting the fund’s bylaws.
- 4 Reviewing the application by the National Center for Non-Profit Sector and the relevant supervisory authority.
- 5 Publishing an announcement of the family fund establishment application for 30 days.
- 6 Issuing the decision approving the application.
- 7 Issuing the family fund’s license.
- 8 Publishing the content of the fund’s establishment decision.
Financial Resources of a Family Fund :
- Gifts and donations from family members.
- Endowments and bequests.
- Zakat contributions from family members.
- Periodic contributions from family members.
- Returns generated from investing the fund’s assets.
- Funds received from individuals outside the family, subject to the Center’s approval.
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