Title: Resolution No. (162) of 2024 Regarding Granting a Collective Investment Scheme License to Al Dawli Invest Investment Company (KIB Invest) for the Incorporation of Aldawli Invest Islamic KD Money Market 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
- The application of Al Dawli Invest Investment Company (KIB Invest) for the Incorporation of Aldawli Invest Islamic KD Money Market Fund in the State of Kuwait; and
- Memorandum and Articles of Association of Al Dawli Invest Investment Company (KIB Invest); and
- Articles of Association, Subscription Prospectus, and agreements of services providers of Aldawli Invest Islamic KD Money Market Fund; 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): 
Al Dawli Invest Investment Company (KIB Invest) is hereby granted approval to incorporate Aldawli Invest Islamic KD Money Market Fund. It is offered for public subscription in a variable capital with a minimum of KWD 2,000,000 (two million Kuwaiti Dinars only), a maximum of KWD 1,000,000,000 (one billion Kuwaiti Dinars only), and a nominal value of KWD 1 (one Kuwaiti Dinars only) per unit. Unitholders are not permitted to subscribe/participate in the Fund for the first time with less than KWD 1000 (one thousand Kuwaiti Dinars) (Initial Subscription) for undivided units. It is permitted to participate later in multiples of KWD 10 (ten Kuwaiti Dinars only).

Article (2):
A total of 1,000,000,000 units (one billion units only) totaling KWD 1,000,000,000 (one billion Kuwaiti Dinars 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:
- Al Dawli Invest Investment Company (KIB Invest)

Article (3):
The objectives of the Fund are as mentioned in the subscription prospectus.
 
Article (4):
The Fund’s duration is ten calendar years, starting from the date of registration at the Funds Register with the CMA, renewable for other similar term(s) based on a request from the Fund’s manager, and upon CMA approval.
 
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 it is announced or the target group that was 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 assigned 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: 15/12/2024.

Copy of the Official Document