Mohammed bin Zayed issues a law to establish the Endowment Authority and manage the funds of minors

In his capacity as Ruler of the Emirate of Abu Dhabi, His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, issued a law establishing the Endowment Authority and managing the funds of minors in Abu Dhabi.

The Awqaf and Minors’ Funds Management Authority replaces the Social Welfare and Minors Affairs Foundation, as all the foundation’s assets, assets, rights and obligations are transferred to the Authority. The Authority is also the competent authority to manage all endowment affairs in the Emirate.

The new authority, in coordination with the General Authority for Islamic Affairs and Endowments, and the concerned authorities, will take the necessary measures to transfer the management of endowment affairs located within the emirate to it, including the responsibilities of inventorying, supervising, organizing and controlling endowments, and issuing the necessary permits for endowment institutions in the emirate.

The authority will work to manage endowments and minors’ funds, and develop, invest and preserve them, through optimal management of funds and assets, in a way that ensures financial sustainability and decent life, in addition to establishing economic projects inside and outside the country by following the best safe investment practices, and establishing or contributing to companies and funds necessary to invest funds. Inside and outside the country in accordance with the provisions of Islamic law and applicable legislation.

An “Investment Committee” is formed in the Authority, which includes in its membership a group of experts in the field of investment who are not employees of the Authority, and is concerned with taking decisions related to investing the minor’s funds and the endowment, and increasing their returns to achieve the interest in accordance with the best financial investment practices followed and in accordance with the legislation in force.

The authority will work to hold events, conferences and seminars that deal with the management of endowments and the funds of minors and participate in them, in an effort to spread the culture of endowment, consolidate the values of goodness and giving, and enhance the concept of social solidarity among members of society in the emirate.