سهم النور

The board of supervisors has two kinds of tasks. They are as follows:

Administrative tasks:

• Supervising the affairs and workflow of the endowment and reviewing its performance

• Preparing laws and regulations as required in the endowment

• Determining authorities and financial allocations of the administrative body

• Approving all principle contracts and agreements related to endowment works

• Fulfilling the donor’s conditions and the rulings of the basic system

Financial tasks:

• Reviewing and approving the financial policies of investment

• Reviewing and approving financial reports of investment

• Preparing the estimative budget of the endowment

• Nominating a legal accountant for the endowment

• Discussing and approving the periodical accounts of the endowment

• Approving the annual report and final accounts

• Approving expenditure on projects during the phases of its studying and construction after ensuring that the special technical conditions have been fulfilled

• Ensuring that the principles of operation and investment agree with the Shari`ah (Islamic Law) in light of the decisions of Fiqh councils and authorities to which the founding board gives more preference at every time and place.

• Investing the available liquid money for short periods or in long-term investments, with the existence of enough guarantees to retain the capital

• Keeping accounts and separate records of endowment resources, investment operations, and so on, in a way that enables the debits, credits, revenues and expenses of the endowment to be known.

• Approving the expenditure on targeted endowment projects

• Developing the financial resources of the endowment

The members who form the board of supervisors are:

1. Dr `Ali bin `Umar Badahdah: Secretary General and Chairman of the Board

2. Muhammad Dammas Al-Ghamdi: Assistant of the General Manager of (The Islamic Banking Group in Al-Jazeerah Bank)

3. Dr. Sa`id bin Muhammad Al-Martan: Founder and President of As-Surah Center for Financial Consultations in Jeddah

4. Dr Sulaiman ibn `Abdur-Rahman Al Al-Shaykh: Supervisor of the Strategic Planning Department, King Fahd University, Jeddah

5. Mr. Usamah bin `Abdullah Al-Khariji, Head of Usamah `Abdullah Al-Khariji Office for Legal Accountants and Business Consultants

Our project is international and its members reflect this quality in the founding board. The members of the board of supervisors were chosen according to their field of specialization and competence in the fields required by the endowment, the most outstanding of which are the financial and investment fields, the accounting field, and the administrative field.

All current members are from Saudi Arabia, in this stage –the foundation stage – because the Chairman of the Founding Board and the Secretary-General are from Saudi Arabia, where the executive administration is located. This facilitates periodically holding meetings needed by the project in its foundation stage. However, this condition is temporary, as other competent well-experienced members will be added from different countries to complete the maximum number of members; which is 11. There are several candidates already from more than one country, bearing in mind that the project’s system does not specify certain shares of membership for countries on the board of supervisors.

There is indeed a bylaw that has been formulated, prepared, and reviewed by those in charge of the project. Basic rules and standards were established, which will be the basis for any development or adjustment made in this bylaw to suit different conditions, with the passage of time, and different generations who will be responsible for fostering and administering this project.