CMA LAW: Resolution No. (36) of 2024 Regarding the Extension of the Period for Al-Madina for Finance and 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 thereto; and

- Based on Resolution No. (25) of 2021 Issued on 15/03/2021 Regarding Cancelling the Securities Activities License of Al-Madina for Finance and Investment Company No. (AP/2016/0024) and Removing it from the Licensed Persons Register at the CMA; and

- Based on Resolution No. (40) of 2022 Issued on 22/03/2022 Regarding Extending the Period for Al-Madina for Finance and 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 Resolution No. (35) of 2023 Issued on 19/03/2023 Regarding Extending the Period for Al-Madina for Finance & 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. (08) of 2024 held on 20/03/2024.

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 11/03/2024.

Article (2)
The Company shall submit to the CMA a detailed 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 11/03/2024, and it shall be published in the Official Gazette. 

Prof. Ahmad A. Al-Melhem
Issued on: 25/03/2024.

Copy of the Official Document

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