MUSCAT – The call is a request to guardians to collect and review periodic account statements for the investment of minors’ funds, sent by the Ministry of Endowments and Religious Affairs.

The move falls within the Council’s regulatory procedures aimed at safeguarding the funds of minors and those in comparable situations, whose funds are invested with the Ministry of Endowments and Religious Affairs, and to regulate the procedures for depositing and disbursing funds in a manner that achieves the interests of the concerned parties.

Guardians are required to review the statements and provide any comments within 60 days of receipt. Failure to review the statements will result in the data being considered correct by default.
The initiative aims to:
• Preserve the funds of minors and those in a similar position.
• Follow-up on the funds invested by the Ministry of Endowments and Religious Affairs.
• Organise the procedures for depositing and disbursing funds in a manner that achieves the interest of the concerned parties.
In the event of non-review, the data contained in the statements is considered correct, the Council stressed.