Family Office ClubEvents
Text or WhatsApp (Not an AI Bot):(808) 600-9260Tell me your situation

Awqaf and Islamic Affairs Fund (Kuwait)

الأمانة العامة للأوقاف · Kuwait · Middle East · Founded 1993 · Savings and future generations fund · Not an IFSWF member

Report a correction
Focus

Kuwait: what it invests in

Real estateFinancial services
Real estatePublic equitiesPrivate equityCash and money markets

Geography Domestic and global

Scale

Kuwait: how big it is, and on what basis

KWD 1.47B
Portfolio valueAs of

In US dollars: about USD 4.8B. Market value reported for 2022, at about USD 3.27 per KWD

Return on cost 2020 6%

Transparency

Kuwait: what it publishes

2.0 of 10 Band 1 of 5

Published 1 · Partly 2 · Not published 7

Our 10 item score. It measures what is public, not how well a fund is run.

Market value (2022)S5
KWD 1.47B (about USD 4.8B)
As of
Real estateS5
KWD 726M (51 commercial properties)
As of
Income 2022S5
KWD 48M
As of
Income split 2020S3
54% property (46% financial)
As of
Return on cost 2020S3
6%
As of
Transparency scoreS1
2.0 of 10
As of

At a glance. Kuwait's General Secretariat of Awqaf manages and invests the country's Islamic endowments in property, listed and private companies and financial assets under Sharia rules. Created by decree in 1993, it reported a market value of about KWD 1.47 billion and income near KWD 48 million for 2022. It is one of Kuwait's largest property owners, with real estate worth about KWD 726 million. S1 S5

Key points

  • Market value of invested waqf assets near KWD 1.47 billion, as reported for 2022. S5
  • Real estate worth about KWD 726 million, including 51 commercial properties across Kuwait. S5
  • Holdings in Kuwaiti economic sectors and companies valued near KWD 589 million. S5
  • Investment income of KWD 40 million in 2020: 54 percent property and 46 percent financial. S3
  • Net profit on historical cost was about 6 percent in 2020 and has not fallen below 5 percent in past years. S3
  • The Awqaf Affairs Council approves budgets, final accounts and invested funds reports. S4

Interesting facts

  • It is described as the second largest property owner in Kuwait. S5
  • Many donated buildings arrive old and need rebuilding before they earn income. S3
  • Unrealised gains over historical cost were about KWD 834 million in 2020. S3

Mandate and goals

The Secretariat manages and grows waqf assets and spends their income on the purposes set by each donor, with a focus on community development. S1 S5

  • Earn steady, Sharia-compliant returns in local and global markets. S3
  • Honour each donor's conditions on how income is spent. S3
  • Develop and rebuild donated property. S3

How it invests

IndustriesReal estate, Financial services S5 S3
Asset classesReal estate, Public equities, Private equity, Cash and money markets S3
StagesReal estate, Public markets S3
GeographyDomestic and global. Mainly Kuwait, with some global listed investments S3
Direct / through funds / co-investYes / No / No S3
Ticket sizeNo ticket size is published. S3
External managersNot disclosed S3
Co-investment programmeNone published S3

Published criteria

  • Sharia compliance and the donor's conditions. S3 S4
  • Listed and economically viable investments, with provisions for market risk. S3

Past investments

YearInvestmentTypeSectorStageAmount
Not publishedKuwait real estate portfolio. Holding, not a deal; 51 commercial plus residential and investment buildings. S5Direct investmentReal estateReal estateKWD 726M
Not publishedKuwaiti company holdings. Holding, not a deal; stakes across several economic sectors. S5Direct investmentMulti-sectorPublic marketsKWD 589M
2020Real estate income 2016 to 2020. Income range, not a deal. S3Direct investmentReal estateReal estateKWD 22M to 27M a year
2020Financial investment income 2016 to 2020. Income range, not a deal. S3Direct investmentMulti-sectorPublic marketsKWD 9.8M to 18M a year

Case studies

Rebuilding donated property S3

  • What: Takes in old buildings and vacant land from donors and rebuilds or develops them under a property plan.
  • When: 2016 to 2020
  • Size: Not published
  • Why: Donated assets often have no cash reserves and earn little until redeveloped.
  • Outcome: Property income held at KWD 22 to 27 million a year, 54 percent of 2020 income.

Investment process

The Awqaf Affairs Council, chaired by the Minister of Awqaf and Islamic Affairs, is the top authority. It sets general policy for managing and investing waqf funds and meets at least four times a year. S4

CommitteeRole
Awqaf Affairs CouncilSupreme authority; approves budgets, accounts and invested funds reports S4
Sharia CommitteeSharia oversight S4
Audit CommitteeAudit oversight S4
Waqf Projects CommitteeProject oversight S4
  1. Council sets investment policy. S4
  2. Secretariat manages property and financial portfolios. S3
  3. Committees report every half year. S4
  4. State Audit Bureau reviews operations. S3

How to approach: No route for outside investors is described. S6

Size and returns

  • Headline size: KWD 1.47B (Portfolio value, as of 2023-01-01) S5
  • In US dollars: about USD 4.8B. Market value reported for 2022, at about USD 3.27 per KWD
  • Real estate market value: KWD 726M (Portfolio value, as of 2023-01-01) S5
  • Investment income 2022: KWD 48M (Published estimate, as of 2023-01-01) S5
  • Return, 2020: 6.0 percent (net profit on historical cost) S3

Leadership

NameTitle
Mohammed Al-WasmiMinister of Awqaf and Islamic Affairs; Chair, Awqaf Affairs Council (November 2024) S4
Nasser Al-HamadActing Secretary General (2023) S5

Governance and transparency

  • Legal basis: Decree No. 257 of 1993 S1
  • Oversight: Awqaf Affairs Council and the State Audit Bureau S4 S3
  • Annual invested funds report and final accounts go to the Council. S4

Transparency score: 2.0 of 10 (band 1 of 5). Our own 10-item rubric; see the methodology page.

  • Published: governance and mandate documents. S1
  • Partly published: annual return, asset allocation. S3
  • Not published: total assets, long-term returns, geographic or sector split, holdings or deal list, audited financial statements, named leadership, regular reporting schedule. S1 S3

History

DateEvent
1993Decree No. 257 creates the Secretariat. S1
2020Investment income of KWD 40 million. S3
2022Income near KWD 48 million; market value KWD 1.47 billion. S5
2024-11-11Council approves 2023 accounts and 2022 investment report. S4

For family offices

The Secretariat invests waqf assets itself and has no co-investment programme for outside investors. S3

Common questions

How large is Kuwait Awqaf?

About KWD 1.47 billion of market value, as reported for 2022. S5

What does it invest in?

Mostly Kuwaiti real estate, plus company stakes and financial assets. S3

Who oversees it?

The Awqaf Affairs Council, chaired by the Minister of Awqaf and Islamic Affairs. S4

All sovereign wealth funds in Middle East · All savings and future generations funds · All funds in Kuwait

Sources

  1. S1Kuwait Decree No. 257 of 1993 establishing the General Secretariat of Awqaf
  2. S2IFSWF, Our members
  3. S3Sarmad (KUNA), Awqaf investment income KWD 40 million in 2020
  4. S4KUNA, Awqaf Affairs Council holds 104th meeting, 11 November 2024
  5. S5Al Jarida, Awqaf: 30 years of growing waqf assets
  6. S6General Secretariat of Awqaf, Kuwait

Disclaimer

Informational only. SovereignWealthFunds.com is an independent public-source reference. It is not affiliated with or endorsed by any fund named on it, and it is not investment, legal or tax advice. Figures are as of the dates shown next to them and may have changed; please read each fund's official pages, linked on its profile. To report an error, use the contact page. Copyright SovereignWealthFunds.com. All rights reserved.

Richard C. Wilson

Talk to a human.

I'm Richard C. Wilson, founder of Family Office Club. I read the messages that come in through this site myself. Text or WhatsApp me at (808) 600-9260, or email Richard@SovereignWealthFunds.com. Thank you.

Tell me your situation