Article 7 of the Saudi Minors' Property Guardianship Law
المادة 7 من نظام الولاية على أموال القاصرين
The article requires the board of directors to form four permanent committees from among its members: the Sharia, Investment, Endowment Projects, and Audit Committees, and specifies each one's competence.
Official text after amendments (Arabic)
Compiled from the original text and every officially published amendment; the amendments are shown in full below for comparison.
يكوّن المجلس من بين أعضائه اللجان الدائمة الآتية التي تمارس الاختصاصات المبينة أمامها :
اللجنة الشرعية : لإبداء الرأي الشرعي في أعمال الهيئة.
لجنة الاستثمار : لإعداد استراتيجية وسياسات استثمار الأموال ومتابعة تنفيذ ما يتم إعداده من خطط في هذا الشأن.
لجنة المشروعات الوقفية : للإشراف على الأموال الوقفية وريعها ومتابعة صرفها تنفيذا لشروط الواقفين ورغباتهم.
لجنة المراجعة: لدراسة الجوانب المتعلقة بالمجالات الرقابية للهيئة.
This is the official Arabic wording, the only legally binding version. We do not translate the law itself; the explanation below is ours. Official source: Bureau of Experts at the Council of Ministers
Article 7 explained in plain English
This article specifies the permanent committees that the Authority's board of directors forms from among its members, each with a specific competence:
- The Sharia Committee: to give the Sharia opinion on the Authority's work.
- The Investment Committee: to prepare the strategy and policies for investing funds, and follow up on carrying out the plans prepared in that regard.
- The Endowment Projects Committee: to supervise endowment funds and their revenue, and follow up on their disbursement in carrying out the conditions and wishes of the endowment founders.
- The Audit Committee: to study matters relating to the Authority's oversight areas.
The record of amendments shows that the Audit Committee was added at the end of the article by a later amendment, so there are now four committees.
These committees reflect the nature of the Authority's work: it manages funds for persons who cannot manage them themselves, so it needed a Sharia opinion on its work, a body specialized in investment, follow-up on disbursing endowment revenue according to the founders' conditions, and internal oversight.
That the members of these committees are members of the board means that those who study these matters are themselves the decision-makers on the board. Article 6 addresses what happens if a member's seat becomes vacant: the board chair proposes who replaces him and a decision of the Council of Ministers is issued on it.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
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Frequently asked questions about Article 7 of the Saudi Minors' Property Guardianship Law
What are the permanent committees of the Authority for Guardianship of Minors' Property?
Four committees: the Sharia Committee, the Investment Committee, the Endowment Projects Committee, and the Audit Committee.
What is the role of the Endowment Projects Committee?
Supervising endowment funds and their revenue and following up on their disbursement in carrying out the conditions and wishes of the endowment founders.
Who are the members of these committees drawn from?
The board of directors forms them from among its members.
Amendment history
Amendment
Official amendment text (Arabic)
إضافة العبارة الآتية إلى عجز هذه المادة:
"لجنة المراجعة: لدراسة الجوانب المتعلقة بالمجالات الرقابية للهيئة.
Original text before the amendments (Arabic)
يكوّن المجلس من بين أعضائه اللجان الدائمة الآتية التي تمارس الاختصاصات المبينة أمامها :
اللجنة الشرعية : لإبداء الرأي الشرعي في أعمال الهيئة.
لجنة الاستثمار : لإعداد استراتيجية وسياسات استثمار الأموال ومتابعة تنفيذ ما يتم إعداده من خطط في هذا الشأن.
لجنة المشروعات الوقفية : للإشراف على الأموال الوقفية وريعها ومتابعة صرفها تنفيذا لشروط الواقفين ورغباتهم.
لجنة المراجعة: لدراسة الجوانب المتعلقة بالمجالات الرقابية للهيئة.
More articles on Board of Directors and President of the Authority
- Article 4
The article makes the Authority's board of directors its supreme authority, and lists its competences over regulations, committees, investment, the budget, and allocating no more than 5% of net investment return.
مجلس إدارة الهيئة هو السلطة العليا التي تتولى شؤونها وإدارة أمورها ووضع السياسة العامة التي تسير عليها، وله بصفة خاصة الاختصاصات الآتية: 1 - اقتراح مشروعات الأن
- Article 6
The article governs filling a board member's seat if it becomes vacant for any reason, and lets the board chair treat a member as resigned if he misses three consecutive sessions without an acceptable excuse.
إذا خلا محل أحد أعضاء مجلس الإدارة لأي سبب، يقترح رئيس مجلس الإدارة من يحل محله، ويصدر بذلك قرار من مجلس الوزراء. ويجوز لرئيس مجلس الإدارة اعتبار العضو مستقيلاً
- Article 9
The article provides that the head of the Authority or his delegate represents it in its dealings with other bodies and before the courts.
يمثل الهيئة في صلتها بغيرها من الجهات وأمام القضاء رئيس الهيئة أو من ينيبه.
- Article 37
The article requires the Board of Directors to appoint one or more licensed auditors and set their fees, without prejudice to the General Auditing Bureau's oversight, and makes the auditors jointly liable where there are several.
مع عدم الإخلال بحق ديوان المراقبة العامة في الرقابة على حسابات الهيئة يعين مجلس الإدارة مراقبا أو أكثر للحسابات من المرخص لهم بالعمل في المملكة ويحدد أتعابهم. و
- Article 38
The article makes the Authority's fiscal year the State's fiscal year, with the exception that its first fiscal year begins on the date the Law takes effect.
السنة المالية للهيئة هي السنة المالية للدولة واستثناء من ذلك تبدأ السنة المالية الأولى من تاريخ نفاذ هذا النظام.
The texts are reproduced from the official website of the Bureau of Experts at the Council of Ministers for reference; where they differ, the officially published Arabic text prevails. This content is not legal advice.