KHALEEJ TIMES, Saturday, May 27, 2023 | Thul-Qidah 7, 1444
UAE President issues law establishing minor affairs authority in Capital
Emirates:
His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, in
his capacity as Ruler of Abu Dhabi, has issued a law establishing the Awqaf and
Minors Affairs Authority (AMAA) in Abu Dhabi.
AMAA will assume the responsibilities of the Social Care and Minors Affairs
Foundation (SCMAF), with the transfer of all SCMAF’s assets, properties, rights
and liabilities to the new entity. AMAA will also be the competent authority to
manage all endowment affairs in the emirate.
In coordination with the General Authority of Islamic Affairs and Endowments and
concerned authorities, AMAA will take all necessary measures to assume the
management of endowment affairs in the emirate, including endowment
registration, supervision, regulation and control, and the issuing of permits
for endowment institutions in the emirate.
AMAA will manage, invest, grow and safeguard endowment and minors’ wealth to
ensure a sustainable quality of life by optimally managing these assets.
Authorised to do business in the UAE and abroad in accordance with safe
investment practices, AMAA can also establish and buy shares in companies and
funds in order to invest wealth in the UAE and abroad in line with Sharia and
applicable laws.
An investment committee, whose members are non-AMAA employees, will be
established at AMAA to make decisions on the investment of minors’ and endowment
assets and the optimisation of yields in accordance with best financial
investment practices and applicable laws.
AMAA will organise and participate in events, conferences and seminars on the
management of endowment and minors’ wealth in order to promote endowment
culture, the values of giving, and social solidarity among community members in
the emirate.