Title: Resolution No. (158) of 2023 Regarding the Extension of 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, its Executive Bylaws, and amendments thereof; 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 with the CMA; and

- Resolution No. (176) of 2022 issued on 20/11/2022 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; and

- Based on CMA Board of Commissioners Resolution passed in its meeting No. (32) of 2023 held on 01/11/2023.

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 calendar year starting from 21/11/2023.

Article (2)
The Company shall submit to the CMA a 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 21/11/2023, and it shall be published in the Official Gazette. 

Prof. Ahmad A. Al-Melhem
Issued on: 06/11/2023.

Copy of the Official Document