19/10/2024
19/10/2024
KUWAIT CITY, Oct 19: The Ministry of Social Affairs has issued a circular outlining new regulations for the internal disbursement mechanisms of charitable associations and foundations. The regulation aims to enhance transparency and streamline financial procedures.
The new regulations include the following measures:
- The issuance of cheques is limited to essential cases only.
- Financial transactions will be facilitated through electronic linking between the Ministry and banks.
- Charitable associations and foundations will not be required to obtain prior approvals for certain routine banking operations to simplify their work.
This circular was announced during a meeting held on Thursday, attended by Acting Undersecretary of the Ministry Dr. Khaled Al-Ajmi, who welcomed representatives from local banks. Al-Ajmi commended the efforts of the directors of the Department of Charitable Societies, Foundations, and Civil Society Associations within the Ministry for their effective role in promoting cooperation with relevant authorities, which contributes to achieving shared goals.
At the conclusion of the meeting, the Ministry confirmed its plans to update the automation system for managing charitable associations and foundations based on the meeting's outcomes, aiming to ensure greater transparency and efficiency in the financial operations of these organizations.