Instructions for Approval to Establish Waqf Investment Funds · Article 1: Definitions

Unless the context requires otherwise, the terms and expressions listed below shall, wherever mentioned in these Instructions, have the meanings indicated next to each of them below:

The Authority (GAA): The General Authority for Awqaf.

Instructions: Instructions for approval to establish waqf investment funds.

The Fund: A waqf investment fund with all its units endowed.

The Endower (Waqif): The person who establishes the waqf.

The Trustee (Nazir): The board of directors of the fund.

The Beneficiary: One or more non-profit entities licensed within the Kingdom.

Fund Manager: A person licensed by the Capital Market Authority (CMA).

The Regulation: The Investment Funds Regulation issued by the Capital Market Authority (CMA).