Donating securities to religious, charitable or social associations registered at the competent authorities

Securities registered in the name of the transferor shall be transferred to the name of the transferee, which must be a religious, charitable or social entity registered with an official authority, and therefore the transferee may not be a natural person.

Persons benefiting from the service

Transferor and transferee (legal person) .

Conditions of obtaining the service
  1. The shares must be free and deposited in the central registry, and in case the shares are in the investor's account maintained by the broker, they should be transferred to the central registry before executing the transfer process.
  2. The transferor and transferee or their legal representative must sign the transfer form in front of authorized SDC employee.
Required Documents
  1. Copies of valid identification documents of the transferor and transferee.
  2. Addresses for both the transferor and transferee.
  3. A written authorization from the transferee to one of its employees authorizing them to sign transfer form at the SDC.
  4. If the transfers are conducted by virtue of a power of attorney, the power of attorney must expressly state that the agent is authorized to donate the securities.
Procedures
  1. The concerned person or his legal representative must submit and sign the Securities' Ownership Transfer Form in front of authorized SDC employee.
  2. The concerned employee verifies the personality, eligibility and satisfaction of the transfer parties.
  3. The concerned employee specifies the securities to be transferred and performs the transfer as described in the submitted form.
  4. The concerned employee collects the fees for executing the transaction.
  5. Print the transfer notice, stamp it with the SDC's seal, and deliver it to the investor.
Estimated Time

120 minutes.

Location

Headquarter of the SDC

Partner institutions

None.

Estimated Fees
  1. The SDC shall collect commissions for the transfer of donating securities in accordance with the following:
    • (0.002) two per one thousand of the share market value.
    • (0.0001) one per ten thousand of the market value of government bonds, bonds issued by public institutions and municipalities, and corporate bond.
    • (0.0001) one per ten thousand of the market value of Islamic finance Sukuk.
  2.  The SDC shall collect the commissions mentioned in paragraph (1) above from one party with a minimum of (250) two hundred and fifty fils for each contract.

     

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