In 2016 Khamenei appointed Raisi custodian of the shrine of ʿAlī al-Riḍā in Mashhad, placing him in charge of Iran’s largest
bonyad (charitable trust). The appointment, which lasted until 2019, placed billions of dollars’ worth of assets—and a sizable chunk of Iran’s gross domestic product—under Raisi’s control and without formal oversight. Many observers saw the appointment as an opportunity to raise Raisi’s clout with the country’s clerical and business elite.