This character is a Other Letter and is mainly used in the Arabic script.
The glyph is not a composition. It has no designated width in East Asian texts. In bidirectional text it is written as Arabic letter from right to left. When changing direction it is not mirrored. The word that U+06CC forms with similar adjacent characters prevents a line break inside it. The glyph can be confused with one other glyph.
The Wikipedia has the following information about this codepoint:
Yodh (also spelled jodh, yod, or jod) is the tenth letter of the Semitic abjads, including Phoenician yōd 𐤉, Hebrew yud י, Aramaic yod 𐡉, Syriac yōḏ ܝ, and Arabic yāʾ ي. Its sound value is /j/ in all languages for which it is used; in many languages, it also serves as a long vowel, representing /iː/.
The Phoenician letter gave rise to the Greek Iota (Ι), Latin I and J, Cyrillic І, Coptic iauda (Ⲓ) and Gothic eis .
The term yod is often used to refer to the speech sound [j], a palatal approximant, even in discussions of languages not written in Semitic abjads, as in phonological phenomena such as English "yod-dropping".