CMA LAW: Joint Press Release: Memorandum of Understanding between the Islamic Development Bank Institute and the Capital Markets Authority Regarding Coordination and Technical Cooperation in the Areas Shared between the Two Parties

Kuwait, May 6, 2024 – The Capital Markets Authority (CMA) represented by Prof. Ahmad Al-Melhem – Chairman of CMA Board of Commissioners and Managing Director, and the Islamic Development Bank Institute represented by Dr. Sami Bin Ibrahim Al-Suwailem – Acting Director General, agreed on the coordination and technical cooperation in the areas shared between the two parties.

The CMA specializes in regulating securities activities in the State of Kuwait in a fair, competitive, and transparent manner, growing the capital markets, and diversifying and developing investment instruments thereof in accordance with best international practice, and enhancing public awareness of securities activities and of the benefits, risks and obligations arising from investments in securities and encouraging their development, while the Islamic Development Bank Institute, member at the Islamic Development Bank Group, aims to become the knowledge beacon for the group and a leader in developing innovative solutions based on knowledge to support the sustainable economic development of the Member Countries and Muslim communities all over the world within the framework of Islamic economics and finance.

The Institute and the CMA wish to expand the areas of cooperation, support coordination, and exchange experience and knowledge between them due to their belief of the importance of coordination in supporting the process of Islamic financial industry and social and economic development in the revival of the Islamic nation, in addition to the recognition of the fact that coordination and cooperation between them will increase the effectiveness of the activity of each party and the efforts of developing the Islamic financial institutions and supporting social and economic development. Furthermore, the strategic plan of the CMA included an initiative for the preparation of a study to develop the Islamic capital market in the State of Kuwait, which meets the Institute’s establishment purpose that is to lead the development of innovative solutions based on knowledge to support the sustainable economic development of the Member Countries and Muslim communities all over the world.

Accordingly, the two parties have signed a memorandum of understanding that aims to find a suitable framework for facilitating and coordinating the technical cooperation between the two parties in the areas of common interest, the most prominent of which is conducting the necessary studies and research for analyzing the current situation of the Islamic financial industry in the State of Kuwait, benchmarking with the best international practices and finding the necessary recommendations for implementing the related initiatives, in addition to preparing a road map for developing the Islamic financial industry in the State of Kuwait, and benefiting from the knowledge, qualification, and training programs offered by the Institute for the purpose of developing the Islamic financial industry.

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Notes to Editors:
The Capital Markets Authority (CMA) of Kuwait was established pursuant to Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, and its amendments, approved by the Kuwaiti Parliament in February 2010. Under this Law, the CMA regulates and supervises securities activities, ensures transparency, fairness, efficiency, and observes listed companies’ implementation of Corporate Governance regulations. The CMA also protects investors from unfair practices and violations of the CMA's Law.

Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.
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