Title: Resolution No. (128) of 2019 Regarding Amending Some Provisions 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

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

- CMA Board of Commissioners Resolution passed in its meeting No. (26) of 2019 held on 06/08/2019.

The Following Was Resolved

Article (1)
Module Five (Securities Activities and Registered Persons) and Module Eleven (Dealing in Securities) of the Executive Bylaws of Law No. (7) of 2010 are hereby amended pursuant to Annex (1) attached to this Resolution.

Article (2)
Article No. (18) of Appendix (2) " Code  of  Ethics  for  Persons  Licensed  to  Operate  in  accordance  with  Islamic  Sharia  Provisions" of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. 7 of 2010 is hereby amended according to the following text:
“The Islamic Financial Institutions shall adopt transparent standards in its distribution of profits among shareholders and Clients, and in entering and exiting from all types of investments. 
The Islamic Financial Institutions shall also increase the clients’ profits without injustice, and without prejudice to its profits and operational costs.”

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. 

Prof. Ahmad A. Al-Melhem

Issued on: 25/08/2019

The Translated Document

Copy of the Official Document