(MENAFN- Khaleej Times) Published: Fri 26 May 2023, 3:58 PM
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.
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