CmaBoardReleases
Back to Search
Title: Resolution No. (112) of 2024 Regarding Granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to Warba Bank to Market the Shares of Warba Islamic Income Fund Company
Date Publish
02 September 2024
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 Memorandum and Articles of Association of Warba Bank, and the agreement between the representative of the collective investment scheme which is Warba Advisory Ltd. and the marketing manager Warba Bank; and
- The application submitted by Warba Bank to conduct a private marketing of the shares of Warba Islamic Income Fund Company; and
- Based on Resolution No. (24) of 2023 regarding amending the approval authorizations of the Supervision Sector’s procedures issued on 12/02/2023.
The Following Was Resolved
Article (1)
Warba Bank is hereby licensed to market 200,000 shares (two hundred thousand shares only) of Warba Islamic Income Fund Company as a private subscription in the State of Kuwait. It is incorporated in the Cayman Islands. The offering price shall be USD 1,000 per share (One thousand US Dollars only), in addition to a 2.00 % subscription fee paid once upon subscription.
The marketed shares shall be offered only for professional clients in the State of Kuwait according to Module One (Glossary) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments.
The parties receiving the subscription applications are as follows
- Warba Bank.
Article (2)
The objectives of the Collective Investment Scheme are as mentioned in the prospectus.
Article (3)
The marketing license term is one year renewable annually from the issuance date of CMA’s license, and after paying the prescribed fees.
Article (4)
The prescribed fees shall be paid within one month from the date of issuance of this Resolution. In case of default, this Resolution shall be considered null and void.
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: 02/09/2024.
Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.
We use cookies to ensure you get the best experience on our website.