CmaBoardReleases
Title: Resolution No. (110) of 2022 Regarding Cancellation of the License and Liquidation of Al-Huda Islamic 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
- In view of the expiration of the term of Al-Huda Islamic Fund on 05/05/2022; and
- Resolution of the Unit Holders Assembly of Al-Huda Islamic Fund held on 19/06/2022 on the approval of appointing Kuwait & Middle East Financial Investment Company - KMEFIC as the Fund’s liquidator; and
- Resolution No. (48) of 2022 regarding the final approval of authorizations for the Supervision Sector’s procedures issued on 03/04/2022.
The Following Was Resolved
Article (1)
The license of Al-Huda Islamic Fund of Kuwait & Middle East Financial Investment Company – KMEFIC is hereby cancelled
Article (2)
Kuwait & Middle East Financial Investment Company - KMEFIC is hereby appointed as the Fund’s liquidator. The liquidator shall only proceed with the liquidation works after the announcement of this Resolution.
Article (3)
Al-Huda Islamic Fund shall be removed from the Fund’s Register at the CMA after completing the liquidation works.
Article (4)
the Fund’s liquidator shall meet all the legal obligations set by Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their amendments, for the period prior to the enforcement this Resolution.
Article (5)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date it is published in the Official Gazette.
Fahed Al-Fadli
Acting Head of Supervision Sector
Issued on: 03/07/2022