CmaBoardReleases
Title: Resolution No. (71) of 2017 on Licensing Boubyan Bank to Practice Securities Activities According to the Provisions of Islamic Sharia Pursuant to Law No. (7) of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their Amendments
Having Perused:
- Law No. (7) of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their amendments; and
- The license request submitted by Boubyan Bank; and
- CMA Board of Commissioners Resolution passed in its meeting No. (18) of 2017 held on 3/5/2017.
The Following Was Resolved
Article (1)
Boubyan Bank is hereby licensed pursuant to this Article to practice the following activity:
- Subscription Agent
Article (2)
The license period for the mentioned bank is three years, starting from the date of issuing CMA’s license certificate. It shall be exempted from the license’s preliminary fee for such period. It shall pay the fee when renewing the license for any other term(s) pursuant to Law No. (7) of 2010 and amendments, and to CMA’s resolutions and regulations.
Article (3)
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.
Abdulmohsen H. Al-Mazidi
Acting Chairman of CMA Board of Commissioners
and Managing Director
Issued on: 15/5/2017