Title: Resolution No. (169) of 2023 Regarding the Extension of the Period for Bayan Investment Holding Company to Hand Over to the Clients their Funds and Assets or to the Party that is Responsible to Hold, Manage or Safe-Keep them

Having Perused: 

- Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, its Executive Bylaws, and amendments thereof; and

- Resolution No. (139) of 2021 issued on 22/12/2021 Regarding the Cancellation of the Securities Activities License of Bayan Investment Company; and

- The Commercial Register notation No. 70718 dated 29/11/2021 regarding amending the article of the commercial name of Bayan Investment Company in the Memorandum and Articles of Association, so the Company’s name becomes “Bayan Investment Holding Company” after amendment; and

- Resolution No. (172) of 2022 issued on 16/11/2022 Regarding Extending the Period for Bayan Investment Holding Company to Hand Over to the Clients their Funds and Assets or to the Party that is Responsible to Hold, Manage or Safe-Keep them; and

- Based on CMA Board of Commissioners Resolution passed in its meeting No. (35) of 2023 held on 22/11/2023.

The Following Was Resolved:

Article (1)
The hand over period of the clients’ funds and assets to them or to the party that is responsible to hold, manage or safe-keep them is hereby extended for the Company for one year starting from 22/12/2023.

Article (2)
The Company shall submit to the CMA a detailed monthly report from the date mentioned in the above Article on the completion of the Company's business related to the clients’ funds and assets until the hand over is completed.

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: 29/11/2023.

Copy of the Official Document