Waqf of Securities Whether Charitable or Descendentiary

This transfer is conducted based upon Waqf deeds issued by competent courts.

Persons benefiting from the service

Transferor and transferee (Natural and Legal Persons)

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 presence of the transferor in the Waqf and the transferee or their legal representative to sign the form in front of the authorized SDC employee.
Required Documents
  1. The original Waqf deed duly organized and issued by a competent court, and if the Waqf deed is issued outside the kingdom, it should be certified as follows:
    • The competent authorities in the country where it was organized, including the foreign ministry of that country.
    • The representative of the Hashemite Kingdom of Jordan in the state or the embassy of that state in the Hashemite Kingdom of Jordan.
    • The Jordanian Foreign Ministry.
    • The Supreme Judge Department or the competent canonical court (as the case may be).
  2. Valid copies of the identification documents for the transferor in the Waqf and the transferee.
  3. An address for the transferor in the Waqf and the transferee.
  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 execute this type of transfer.
Procedures
  1. The concerned person or his legal representative must submit the Transfer Form in accordance with Waqf in Securities to the SDC.
  2. The concerned employee specifies the securities to be transferred and performs the transfer as described in the Waqf deeds.
  3. The concerned employee collects the fees for executing the transaction.
  4. Print the transfer notice, stamp it with the SDC's seal, and deliver it to the transferee.
Estimated Time

120 minutes.

Location

Headquarter of the SDC.

Partner institutions

None.

Estimated Fees
  1. The Securities Depository Center (SDC) shall collect commissions for conducting securities endowment transactions as follows:
    • (0.0015) fifteen per ten thousand of the market value of shares.
    • (0.0001) one per ten thousand of the market value of government bonds, bonds issued by public institutions and municipalities, and loan assignments.
    • (0.0001) one per ten thousand of the market value of Islamic finance Sukuk.
  2. The SDC shall collect the commissions referred to in item (1) above from one party, with a minimum of (250) two hundred and fifty fils for each transfer deed.
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