CMA LAW: Resolution No. (103) of 2016 Regarding Private Marketing License of a Foreign Collective Investment Scheme Granted to NBK Capital (Kuwaiti Closed Shareholding Company) for Islamic Leasing and Finance Fund II Ltd

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 NBK Capital (Kuwaiti Closed Shareholding Company), and the agreement between the investment manager (WCP Investment LP) and the marketing manager (NBK Capital - Kuwaiti Closed Shareholding Company); and 
 
- Based on the request of NBK Capital on 24/5/2016 to conduct a private marketing for Islamic Leasing and Finance Fund II Ltd in the State of Kuwait; and
 
- Based on CMA Board of Commissioners Resolution No. (44) of 2015 passed in its meeting No. (18) of 2015 held on 3/6/2015 on delegating a number of the Supervision Sector's competences. 
 
 
The Following Was Resolved
 
Article (1) 
NBK Capital (Kuwaiti Closed Shareholding Company) is hereby licensed to market a total of 15,000,000 units of Islamic Leasing and Finance Fund II Ltd as a private marketing inside the State of Kuwait. It is incorporated in the Cayman Islands. The offering price is USD 10/- per unit, in addition to 2.25% subscription fee per unit. The minimum subscription limit is USD 380,000. 

The subscription applications receiving parties are as follows:

- NBK Capital 
- National Bank of Kuwait
- Boubyan Bank
 
Article (2)
The objectives of the Collective Investment Scheme are as mentioned in the prospectus.
 
Article (3)
The license term is one year renewable annually after paying the assigned fees.
 
Article (4)
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.
 
 
Mohammad Sulaiman Almarzouq
Head of Supervision Sector 

Issued on: 7/11/2016    

Copy of the Official Document

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