CMA LAW: Resolution No. (163) of 2023 Regarding Cancellation of the License and Liquidation of Islamic Income Generating 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

- Due to the completion of the purpose for which the Fund was incorporated; and

- Resolution of the Unit Holders Assembly of Income Generating Fund held on 26/10/2023, approving the appointment of Boubyan Capital Investment Company as the Fund’s liquidator; and

- Based on Resolution No. (24) of 2023 regarding the amendment of the approval authorizations for the Supervision Sector's procedures, issued on 12/02/2023.

The Following Was Resolved

Article (1)

The license of Islamic Income Generating Fund managed by Boubyan Capital Investment Company at the CMA is hereby cancelled.

Article (2)

Boubyan Capital Investment Company is hereby appointed as the Fund’s liquidator. The liquidator shall only proceed with the liquidation works after one month of this Resolution.

Article (3)

Islamic Income Generating Fund shall be removed from the Funds Register at the CMA after completing the liquidation process.

Article (4)

the Fund’s manager 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 of its issuance, and it shall be published in the Official Gazette.  

Zeyad Al-Fulaij

Head of Supervision Sector

Issued on: 15/11/2023

Copy of the Official Document

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