Title: Resolution No. (39) of 2024 Regarding Cancellation of the License and Liquidation of Al Wasm Fund

Having Perused:
- Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws, and amendments thereto; and
- Resolution of the Unit Holders Assembly of Al Wasm Fund held on 06/03/2024, approving the appointment of KFIC Invest Company as the Fund’s liquidator; and
- Based on Resolution No. (24) of 2023 regarding the amendment of the approval authorizations for the Supervision Sector's procedures, issued on 12/02/2023.

The Following Was Resolved
Article (1)
The license of Al Wasm Fund managed by KFIC Invest Company at the CMA is hereby cancelled.

Article (2)
KFIC Invest Company is hereby appointed as the Fund’s liquidator. The liquidator shall only proceed with the liquidation works after one month of this Resolution.

Article (3)
Al Wasm Fund shall be removed from the Funds Register at the CMA after completing the liquidation process.

Article (4)
The Fund’s manager shall meet all the legal obligations set by Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and amendments thereto, for the period prior to the enforcement this Resolution.

Article (5)
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: 02/04/2024.

Copy of the Official Document