Title: Resolution No. (74) of 2021 Regarding Granting a Collective Investment Scheme License to Wafra International Investment Company for the Incorporation of Wafra Islamic Gulf 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 their amendments; and

- The request of Wafra International Investment Company for the incorporation of Wafra Islamic Gulf Fund in the State of Kuwait; and

- Memorandum and Articles of Association of Wafra International Investment Company; and

- Articles of Association, Issuance Prospectus, and Agreements of administrative service providers of Wafra Islamic Gulf Fund; and

- Based on Resolution No. (22) of 2021 regarding amending the final approval of authorizations for the Supervision Sector’s procedures issued on 04/03/2021.

The Following Was Resolved:

Article (1):

Wafra International Investment Company is hereby granted approval to incorporate Wafra Islamic Gulf Fund in a variable capital ranging between a minimum of $ 18,000,000  (eighteen million US Dollars only) and a maximum of $ 360,000,000 (three hundred and sixty million US Dollars only) in a nominal value of $ 10 per unit (ten US Dollars only). The minimum subscription limit is $ 5,000 (five thousand US Dollars only). The client has the right to subscribe in any number of units thereafter.

Article (2):

The units to be offered for subscription shall be 36,000,000 units (thirty-six million units only) which is $ 360,000,000 (three hundred and sixty million US Dollars only). The Fund Manager's participation in the Fund’s units shall not be less than KWD 250,000 (or its equivalent in US Dollars). The Fund Manager shall not dispose of those units nor redeem them during the period of his management to the Fund.

The parties receiving the subscription applications are as follows:

• Wafra International Investment Company.

Article (3):

The objectives of the Collective Investment Scheme are as mentioned in the prospectus.

Article (4):

The Fund’s term is 10 calendar years, starting from the date of its registration in the Funds Register at the CMA. It is renewable for other similar terms after obtaining the approval of more than  50% of the Fund’s issued capital and the CMA.

Article (5):

The Fund is granted a temporary license for three months from the date of the approval letter of granting the license issued by the CMA for the purpose of completing the CMA’s requirements and the minimum limit of the Fund’s capital. The Fund is not permitted to practice any of its activities based on this temporary license.

Article (6):

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 term is extended for another similar term upon the request of the licensed person before the end of the original license term.

Article (7):

The assigned fees shall be paid within a month from the date of this Resolution. In case of default, this Resolution shall be considered null and void.

Article (8):

The Fund is 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 (9):

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.

Anwar Al-Mudhaf

Acting Head of Supervision Sector

Issued on: 24/06/2021

Copy of the Official Document