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Saudi Arabia Launches Two Investment Funds to Develop Non-Profit Sector

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia Launches Two Investment Funds to Develop Non-Profit Sector

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

Jadwa Investments has partnered with the Saudi Ministry of Human Resources and Social Development to launch two investment funds for the local non-profit sector.

The launching ceremony was held in the presence of Deputy Minister of Human Resources and Social Development and Chairman of the Executive Committee of the National Center for the Development of the Non-Profit Sector Majid Al-Ghanimi.

Jadwa will provide an investment platform that is compliant with the provisions of Islamic Sharia and dedicated to non-profit organizations licensed by the National Center for the Development of the Non-Profit Sector.

In a statement on its website, Jadwa said the funds will provide the non-profit sector with a Sharia-compliant investment platform to preserve and grow its capital over the long term through balanced and conservative investments across asset classes.

Jadwa will also provide the strategic and operational support to ensure that the funds are managed in line with the investment objectives, risk appetite and liquidity requirements of participating non-profit organizations.

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Türkiye Works to Halt Circulation of Fake US Dollars

FILE PHOTO: A money changer counts US dollar bills, with Turkish lira banknotes in the background, at an currency exchange office in central Istanbul, Türkiye, August 21, 2015. REUTERS/Murad Sezer/File Photo
FILE PHOTO: A money changer counts US dollar bills, with Turkish lira banknotes in the background, at an currency exchange office in central Istanbul, Türkiye, August 21, 2015. REUTERS/Murad Sezer/File Photo
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Türkiye Works to Halt Circulation of Fake US Dollars

FILE PHOTO: A money changer counts US dollar bills, with Turkish lira banknotes in the background, at an currency exchange office in central Istanbul, Türkiye, August 21, 2015. REUTERS/Murad Sezer/File Photo
FILE PHOTO: A money changer counts US dollar bills, with Turkish lira banknotes in the background, at an currency exchange office in central Istanbul, Türkiye, August 21, 2015. REUTERS/Murad Sezer/File Photo

Turkish authorities were checking currency exchanges and cash dispenser machines on Thursday to help avert any damage from the circulation of counterfeit US dollars, which has prompted a number of banks to stop accepting some of the bills.
The central bank said it was working with judicial authorities to address the counterfeiting issue and had shared a report and guidance with lenders after having examined the fake US banknotes, Reuters reported.
Though it was unclear how much counterfeit currency was in circulation across the country, several banking sources said that several foreign exchange offices and banks were no longer accepting some US dollars.
A source with knowledge of the matter said there were no related problems with the financial system.
Several banking sources have said some $50 bills and $100 bills are suspected of being counterfeit and are not currently detected by money-counting machines.
The Turkish Banking Association said these machines as well as cash dispenser machines, or ATMs, were being checked and updated to halt any further circulation of counterfeit bills.
The source said a planned rapid system-wide update to money-counting machines would make detection possible.
Separately, a prosecutor's office in Istanbul launched an investigation into the issue, broadcaster NTV reported.