Title: Resolution No. (176) of 2022 Regarding Extending the Period for Al-Mal Investment 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 and its Executive Bylaws, and their amendments; and
- Resolution No. (131) of 2021 issued on 21/11/2021 Regarding Rejection of Renewal of the Securities Activities License of Al-Mal Investment Company; and
- Based on CMA Board of Commissioners Resolution passed in its meeting No. (42) of 2022 held on 16/11/2022.

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 shall be extended for the Company for one calendar year starting from 21/11/2022.
 

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

Article (3)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from 21/11/2022, and it shall be published in the Official Gazette. 

Prof. Ahmad A. Al-Melhem
Issued on: 20/11/2022

Copy of the Official Document