Egypt’s President Abdel-Fattah El-Sisi stressed on Thursday the need for the preservation, development and good management of Awqaf (charitable endowments) funds, the Egyptian presidency said in a statement.
All documented transactions should be issued by the Secured Documents Center and done in accordance to the fair market value, the president said during a meeting in Cairo with Minister of Religious Endowments Mokhtar Gomaa.
Among the duties of the Religious Endowments Ministry in Egypt is the administration of charitable endowments based on the “Waqf,” or the Islamic version of the trust law.
In May 2021, the Egyptian House of Representatives passed the law establishing Awqaf funds, which will be allocated for education and health institutions.
The minister reviewed his ministry's efforts in managing the Awqaf Authority funds, noting that the highest annual revenues in its history were achieved in fiscal 2020/2021, namely around EGP 1.8 billion.
The meeting also covered the Ministry's efforts to develop the Awqaf Authority and train imams, as well as step up activities in the field of writing, translating and publishing religious Islamic books, presidency spokesman Bassam Radi said.