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.
El Wikipedia tiene la siguiente información acerca de este punto de código:
La yāʼ o īāʾ (en árabe ﻳﺎء, [jaːʔ]) es la vigesimoctava y última letra del alfabeto árabe. Representa un sonido palatal sonoro y fricativo,[1] /j/ o /i:/. En la numeración abyad tiene el valor de 10.[2]