General Commission For The Guardianship Of Trust Funds For Minors And Their Counterparts

Since the system of money houses does not meet the ambitions and does not keep pace with developments to ensure the proper management of funds in the houses of money, as well as the large balances in the accounts of money houses created an urgent need to find a new system alternative to the system of money houses, which has been more than seventy years in order to The Ministry of Justice has endeavored to develop and take care of this important aspect, as well as successful experiences in some Gulf countries in this field. Accordingly, a specialized committee has been established to study this. The Committee concluded by recommending the preparation of a draft system that includes the establishment of an administrative body مست To manage and preserve the funds of minors and endowments and funds located in the houses of money and invest them in the interest of those in accordance with the practice in some countries, and was completed preparation of the system and the elevation of the Supreme Court under the Ministry's letter No. 17/56328/21 on 22-10-1421 H The Supreme Council approved the study of the draft system in the Experts Council of the Council of Ministers under Order No. 17/25097 / G on 09-12-1421 H. After studying it in the Council of Ministers Experts Committee by a committee composed of several governmental bodies referred to the Shura Council at the end of the year 1422H, which was approved by the Council under Resolution No. 102/80 on 26-02-1426H then referred to the General Secretariat of the Council of Ministers After its study, the Council of Ministers approved the system by Decree No. 53 on 12-03-1427H and was crowned by Royal Decree No. M / 17 on 13-03-1427 AH.
 

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