The National Centre for Non-Profit Sector issued a revised set of laws on Friday, governing Saudi family money. Officials claimed in a statement that the new standards will help "facilitate procedures and achieve significant gains." Families will now be able to set up more than one fund, and non-family members will be able to make center-approved gifts. A prior need for the presence of a supervisor in financial transactions has also been removed.
"The updates reflect the important role that family funds play in strengthening kinship ties and spreading the spirit of harmony and solidarity among members of the same family," said the center's CEO, Ahmed Al-Suwailem.
