Emirates News Agency – Mohamed bin Zayed as Ruler of Abu Dhabi issues law establishing Awqaf, Authority for Minors

ABU DHABI, 26th May, 2023 (WAM) — President His Highness Sheikh Mohamed bin Zayed Al Nahyan, 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 undertake Social Care and Minor Affairs Foundation (SCMAF), with the transfer of all assets, property, rights and liabilities of SCMAF to the new entity. AMAA will also be the governing body for all donations in the emirate.

and directorate general of islamic affairs and endowments AMAA and relevant authorities will take all necessary steps to manage donations in the Emirate, including donation registration, monitoring, regulation and control, and licensing of donation institutions in the Emirate.

AMAA will manage, invest, grow and protect endowment funds and minor wealth to ensure a sustainable quality of life through optimal management of these assets.

AMAA is authorized to conduct business in the UAE and abroad in accordance with safe investment practices and can also establish and purchase shares in companies and funds for the purpose of investing wealth in the UAE and abroad in accordance with Shariah and applicable laws.

AMAA will establish an Investment Committee, composed of non-AMAA employees, to make decisions regarding the investment of minors and donated assets and the optimization of returns in accordance with best financial investment practices and applicable laws.

AMAA will organize and participate in events, conferences and seminars on giving and wealth management for minors to promote giving culture, giving values ​​and social solidarity among community members in the emirate.