he most important legal news in local newspapers
We in Ben Arafa Law Group Consulting & Legal Legitimacy L.L.C likes to provide you of the most important legal news in the local newspapers for this week, which related to your business and commercial, labor and procedural activities, and accordingly we provide you with the most important news as follows:
Awqaf Public Authority approves the bylaw for Waqf investment products for reinforcing Awqaf sector contribution in the economic development
Awqaf public authority approves the bylaw for Waqf investment products that aims at regulating Waqf rules at investment pockets, investment funds and investment instruments which are supervised by the capital market authority, for reinforcing Awqaf sector contribution in the economic development and supporting the targets of the KSA vision 2030.
The bylaw includes a comprehensive organizational framework for Awqaf investment products, as it requires the authorized authorities to document Waqf upon the completion of the opening and issuing Waqf document in the allocated periods, then registering Waqf at the public Awqaf Authority to have the registration certificate. Also it states establishing accounts and independent investment pockets for Awqaf, and transferring Awqaf instruments to it according to the approved procedures at the concerned authorities.
For Waqf pockets and investment funds, the bylaw allows establishing Waqf investment pockets without the requirement of a prior approval from the authority, in a condition of registering the Waqf and completing the subsequent regulatory procedures. It also allows transferring the present investment funds to Waqf investment funds, and allows merging Waqf funds upon the approval of the authority and verifying the interests of the beneficiaries in addition to the Waqf continuity.
Also, the bylaw defines the regulations for Wqaf investment instruments, including the nature of assets or financed projects, the mechanism for establishing the Waqf whether from the contribution revenue at issuance or from the assets resulted from assets termination in addition to the regulation of assets holders and the related revenue.
For governance and control, the bylaw obliges Awqaf directors to follow up undertaking with the conditions of Waqf holders, and file regular reports to the authority, including the achieved and distributed revenues and non-distributed revenues and their justifications, in addition to operational costs, and the programs and projects which are financed from the Waqf revenues, also the extent of undertaking with the conditions of Waqf. It also requires reporting any material changes at the Waqf investment product, including the amendment of Waqf addendum or management agreements, or changing Waqf expenses, the termination or the merging of the product, or appointing a new director.
The bylaw asserts that the position of the Waqf investment product is the instrument or its value, that requires the inclusion of Waqf conditions and rules at Waqf addendum that represent an integral part of the Waqf investment product, and includes the details of Waqf assets, the form of Waqf establishment, its expenses, the method of revenue distribution, the authorities of the director and his responsibilities, assets direction at the product completion, in addition to any special conditions established by the Waqf holder.
The bylaw regulates the procedures for approving offering Waqf investment products and allocating the requirements and the required documents at the approval applications, the mechanisms for studying applications and resolving them, the stages of offering, documentation and registration.
Also, the bylaw establishes rules for Waqf investment pockets, Waqf investment funds, Waqf investment instruments, including the organizational requirements for each category, the method of management, investment, supervision and compliance, in addition to treating insolvency or violation cases which may affect the performance of Waqf holder conditions or Waqf directions. The bylaw includes transformation conditions that require agreement of Waqf investment products in not more than (12) months from the date of enforcement. It also states the termination of the bylaw for establishing Waqf investment pockets and the instructions for approving investment funds establishment, to be replaced by the new bylaw.
The bylaw is approved by a decree from the board of Awqaf public authority number (47-1-21-T) dated to 26-11-1447H, while it shall be published at the official paper and is enforceable upon the passing of (90) days from the date of publishing.
Legal information:
Contractor’s delayed handing over
In a case of the contractor delayed handing over of the project than the agreed date without a justification, the employer may claim the delayed damages, and may claim the contract termination in a case of the material delay or in a case of exceeding the term according to the project conditions.
There should be a contract that defines the date of handing over clearly, and it is better to be documented, while considering any sanction conditions or agreed articles for compensation, in a case that the delay isn’t resulted out of the contractor control of from force majeure. Compliance with the dates of handing over is one of the most important contract undertakings at contracting, while its violation results in legal consequences that may include compensation or contract termination according to the case.
Legal information: Sanction Categories according to Islamic law
According to the Islamic law, sanctions are categorized into the following:
They represent the sanctions which are allocated for defined crimes according to the Islamic law, such as adultery, robbery, insulation, alcohol drinking, chameleon and apostasy, where their extent isn’t open for thought.
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Retribution and blood money:
They represent the sanctions for murder crimes, where retribution aims at achieving justice and fairness, while blood money is legalized in the cases allocated by the Islamic law.
▪ Reinforcement:
It is not a sanction that is estimated according to the Islamic law, but it is estimated by the guardian or the judge according to the extent of the action and its conditions, to achieve the public interests and prevent crimes.
According to the Islamic law, sanctions represent a means for protecting the society, preserving rights, and achieving security and justice.
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