Title: Resolution No. (88) of 2025 Regarding Granting a Collective Investment Scheme License to Gulf Capital Investment Company to Incorporate Lulwa (USD) Money Market Fund according to Islamic Shariah Principles

Having Perused:
- Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws, and their amendments; and

- The application of Gulf Capital Investment Company for the Incorporation of Lulwa (USD) Money Market Fund according to Islamic Shariah Principles in the State of Kuwait; and

- Memorandum and Articles of Association of Gulf Capital Investment Company; and

- Articles of Association, Subscription Prospectus, and agreements of services providers of Lulwa (USD) Money Market Fund according to Islamic Shariah Principles; and

- Based on Resolution No. (04) of 2025 regarding the amendment of the approval authorizations for the Supervision Sector's procedures, issued on 12/01/2025.

The Following Was Resolved
Article (1):

Gulf Capital Investment Company is hereby granted approval to incorporate Lulwa (USD) Money Market Fund according to Islamic Shariah Principles. It is offered for public subscription in a variable capital with a minimum of USD 7,000,000 (seven million US Dollars only), a maximum of USD 1,000,000,000 (one billion US Dollars only), and a nominal value of USD 10 (ten US Dollars only) per unit. Unitholders shall not be permitted to subscribe/participate in the Fund for the first time with less than USD 3,000 (three thousand US Dollars) in multiples of USD 10 (ten US Dollars only).

Article (2):

A total of 100,000,000 units (one hundred million units only) totaling USD 1,00,000,000 (one billion US Dollars only) are offered for subscription. The Fund manager's contribution in the Fund’s units at inception shall not be less than KWD 100,000 (one hundred thousand Kuwaiti Dinars) or its equivalent in other currencies as a minimum. The Fund manager may dispose of or redeem some of their units in the event that their net value exceeds the minimum threshold stipulated in this Article.

The parties receiving the subscription applications are as follows:

- Gulf Capital Investment Company

- Gulf Bank

Article (3):

The objectives of the Fund are as mentioned in the subscription prospectus.

 Article (4):

The Fund’s duration is fifteen calendar years, starting from the date of registration at the Funds Register with the CMA, renewable for similar periods based on a request from the Fund’s manager, upon CMA and unitholders’ approval who represent more than 50% of the fund’s issued capital.

 Article (5):

The Fund is granted a temporary license for three months from the start of the subscription period for the purpose of completing the CMA’s requirements and the minimum Fund capital. No Fund activities can be practiced based on this temporary license.

Article (6):

The applicant may close the subscription period and be satisfied with the subscribed capital at any time during the temporary license, provided that the closure is announced or the target group invited to subscribe is notified or announced at least three business days before the new closing date.

Article (7):

In the event of the expiration of the temporary license without completing the requirements stipulated in Article (5) of this Resolution, the temporary license shall be revoked, unless the license validity is extended for another similar term upon the request of the license applicant before the end of the original term of the temporary license.

Article (8):

The prescribed fees shall be paid within 30 days from the date of issuance of this Resolution. In case of default in paying the fees during the specified period, this Resolution shall be considered null and void.

 Article (9):

The Fund shall be licensed after completing the minimum limit of the capital, for three years from the date of its registration in the Funds Register at the CMA.

 Article (10):

The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of its issuance, and it shall be published in the Official Gazette.

Zeyad Al-Fulaij

Head of Supervision Sector

Issued on: 07/05/2025.

Copy of the Official Document