Regulation on the Establishment of Waqf Investment Portfolios · Article 1: Definitions

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

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

The Regulation: The Regulation on the Establishment of Waqf Investment Portfolios.

The Endower (Waqif): The person who establishes the waqf whether a natural or legal person.

Capital Market Institution: A person licensed by the Capital Market Authority (CMA) to conduct securities business.

The Trustee (Nazir): The natural or legal person entrusted with overseeing the waqf investment portfolio.

Waqf Investment Portfolio: A financial vehicle without independent legal character, in which endowed funds are pooled for investment purposes, and disbursed according to the Endower’s stipulations.

Private Waqf Investment Portfolio: A financial vehicle without independent legal character, in which endowed funds are pooled for investment purposes, and disbursed according to the Endower’s stipulations and the management agreement.

Investment Account: An accounting record created by the licensed person for his client funds deposited in an account opened by the licensed person to finance the client’s securities dealings, which reflects all transactions made on that account.

Management Agreement: An agreement between the Endower or Trustee and a Capital Market institution licensed by the CMA to manage the Private Waqf Investment Portfolio, in accordance with this Regulation and other relevant laws, regulations, and the CMA rules and executive regulations.

Portfolio Manager: Capital Market institution licensed by the CMA and appointed to manage the Private Waqf Investment Portfolio in accordance with the Management Agreement.