CMA LAW: Resolution No. (1) of 2013 of CMA Board of Commissioners Regarding Granting a Private Marketing License to National Bank of Kuwait (K.S.C.) for Islamic Equipment Leasing Fund I Ltd

Having Perused:
- Law No. (7) of 2010 of the Establishment of the Capital Markets Authority and Regulating Securities Activities; and

- The Executive Bylaws of Law No. (7) of 2010 issued on 3/3/2011; and

- Based on the request of the National Bank of Kuwait (K.S.C.) to conduct a private marketing for Islamic Equipment Leasing Fund I Ltd in the State of Kuwait; and 

- The Articles and Memorandum of Association of the National Bank of Kuwait (K.S.C.) and the agreement between the Fund’s incorporating company (The Company of the Islamic Equipment Leasing Fund I Ltd) and the marketing manager (National Bank of Kuwait); and

- After obtaining the approval of Central Bank of Kuwait dated 5//112012; and

- Based on CMA Board of Commissioners Resolution passed in its meeting No. (29) of 2012 held on 10/12/2012 on its approval of issuing a marketing license to Islamic Equipment Leasing Fund I Ltd of National Bank of Kuwait;

The Following Was Resolved

Article (1)
National Bank of Kuwait (K.S.C.) is hereby licensed to market the units of Islamic Equipment Leasing Fund I Ltd as a private marketing in the State of Kuwait. It is established in the Cayman Islands in a minimum variable capital of $200,000,000/- and maximum of $250,000,000 and the par value is $10/- per unit. The maximum limit of units to be marketed in the State of Kuwait is 25 million units, and the minimum subscription limit is $380,000.  

Article (2)
Objectives of the Fund shall be as mentioned in the prospectus.

Article (3)
The marketing license is for a year renewable annually after paying the specified fees.

Article (4)
The concerned bodies shall execute this Resolution, each within its jurisdiction. It shall come into force from the date of publication in the Official Gazette.

Saleh Mubarak Al-Falah
Chairman, CMA Board of Commissioners
Managing Director

Issued on: 9/1/2013
     

نسخة pdf

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