The ruler of the Emirate of Abu Dhabi issues new and important decisions for these groups.. You know now – Al-Nasr Newspaper
In his capacity as Ruler of the Emirate of Abu Dhabi, His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, “may God protect him,” issued a law establishing the Endowment Authority and managing the funds of minors in Abu Dhabi. This step comes within the framework of the comprehensive development witnessed by the UAE, strengthening its role in society and achieving sustainable development.
The Awqaf and Minors’ Funds Management Authority replaces the Social Welfare and Minors Affairs Foundation, and manages the foundation’s assets, assets, rights, and obligations.
The Authority is also considered the competent authority to manage all endowment affairs in the Emirate, and ensures its organization, supervision and inventory.
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.
These procedures include the responsibilities of inventorying, supervising, organizing and controlling endowments, in addition to issuing the necessary permits for endowment institutions in the emirate.
The Authority aims to effectively manage the endowments and funds of minors, and develop, invest and preserve them, through the optimal management of funds and assets. The Authority seeks to achieve financial sustainability and provide a decent life for orphans and minors.
In addition, the Authority works to establish economic projects inside and outside the country by following the best safe investment practices, and to establish or contribute to companies and funds necessary to invest funds inside and outside the country in accordance with the provisions of Islamic Sharia and applicable legislation.
The Authority forms the “Investment Committee” and consists of a group of experts in the field of investment. The committee works to take decisions related to investing the minor’s funds and the endowment, and to increase the financial returns of these funds in safe and secure ways. The best investments that achieve the highest financial returns and meet the objectives of the Authority are selected.
The Authority is expected to organize events and conferences to promote the culture of endowment and raise awareness of its importance in society. It will also work to spread the social values of giving and solidarity, and contribute to economic projects that achieve public interest and social interest.
In conclusion, the establishment of the Endowment Authority and the management of minors’ funds is an important step in promoting the values of benevolence and giving in society and achieving sustainable development. It also reflects the UAE’s commitment to Islamic legislation and the promotion of financial and economic sustainability in the country.