Ministry to nationalize charitable trusts soon

Tuesday, July 14, 2009

Minister of Social Affairs and Labor Mohammad Al-Afasi, is expected to issue a decree to set up a fund with the aim of nationalizing the country's charitable work. The draft Bill concerning the decision is still being reviewed.
The draft states that the fund will be established without a specified deadline.

It will collect funds from various official and public organizations, in addition to those donated by individuals. The fund will also be allowed to invest some capital in ventures that benefit its charitable goals. However, it will only be allowed to do so at a local bank under the name of a charity nationalization fund, reported Al-Qabas.

The goal behind establishing the fund, is to encourage the nationalization of charitable organizations and allocate resources to beneficiaries in Kuwait instead of those based outside the country. Te fund will supervise social service projects like establishing places of worship, schools, hospitals, and social care centers, in addition to other charitable projects located around the country.

Furthermore, the draft Bill states that the fund will maintain regular ledgers so as to document its daily inflow of funds, as well its transactions. Also, the Audit Bureau will formulate its budget, before it is referred to the Minister -"Kuwait times"

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