Bahrain Shura debates investment of surplus funds in sports and youth sector

TDT | Manama    

The Daily Tribune – www.newsofbahrain.com

The Shura Council will discuss today a proposal to empower organisations in the youth and sports sector to redirect surplus funds towards profitable ventures.

The primary objective of this proposed law is to enable associations to invest their surplus funds in secure, low-risk investments.

It also stipulates that these investments should ensure a financial return, optimising their goals.

Today's session aims to amend the existing legislation, which currently prohibits associations from engaging in financial speculation, thus preventing them from venturing into high-risk investment instruments.

The discussion on the report by the Services Committee will be during the fourth sitting of the second session of the sixth legislative term and aims at amending Article (18) of Decree Law No. (21) of 1989, which pertains to the Law on Associations, Social and Cultural Clubs, and Bodies.

This proposal has been put forth by Councillors  Dr Ebtisam Mohammed Saleh Al Dallal, Jamal Mohamed Al-Fakhro, Sadiq Eid Al Rahma, Dr Mohammed Ali Hassan Ali, and Dr Hani Al Saati .

According to the members, these amendments would bolster the development of civil society associations in Bahrain, ensuring their sustainability, overcoming challenges by diversifying their income streams, and enhancing their financial stability.

The goal is to aid these associations in achieving their objectives and providing optimal services to a wider segment of beneficiaries while encouraging them to expand their range of activities and programmes.

In addition to this, the Council is reviewing the report from the Legislative and Legal Affairs Committee on a draft law that seeks to amend Article (180) of Decree Law No. (55) of 2002, concerning the internal regulations of the Shura Council. The committee recommends, in principle, the approval of this draft law.

The objective of the draft law is to enhance the safeguarding of public funds by granting the General Secretariat of the Shura Council a longer timeframe for preparing the final account of the Shura Council and its audited financial statements.

The current period, estimated at thirty days, is deemed insufficient for this purpose.