CmaBoardReleases
Title: Resolution No. (28) of 2015 Regarding ACollective Investment Scheme License Granted for the Establishment of WataniUSD Money Market Fund According to Islamic Sharia Principles II of WataniInvestment Company (K.S.C.) Closed
Resolution No. (28) of 2015
Regarding
Collective Investment Scheme License Granted for the Establishment of Watani USD Money Market Fund According to Islamic Sharia Principles II of Watani Investment Company (K.S.C.) Closed
Having Perused:
- Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, and its Executive Bylaws, as amended; and
- Based on the request of Watani Investment Company (K.S.C.) Closed to establish Watani USD Money Market Fund According to Islamic Sharia Principles II in the State of Kuwait; and
- The Memorandum and Articles of Association of Watani Investment Company (K.S.C.) Closed; and
- The Articles of Association, Issuance Prospectus and the Administrative Services Providers Agreements of Watani USD Money Market Fund According to Islamic Sharia Principles II; and
- Based on CMA Board of Commissioners Resolution passed in its meeting No. (10) of 2015 held on 31/3/2015.
The Following Was Resolved
Article (1)
Watani Investment Company (K.S.C.) Closed is hereby granted the approval to establish Watani USD Money Market Fund According to Islamic Sharia Principles II. The offering of the Fund Units shall be a Public Offering with a variable capital ranging between USD 18,000,000/- minimum and USD 200,000,000/- maximum in a nominal value of USD 10/- per unit with a minimum subscription in the Fund totaling USD 10,000
Article (2)
19,000,000 Units shall be offered for subscription at the rate of USD 190,000,000/-. The subscription applications receiving parties shall be:
- Watani Investment Company (K.S.C.) Closed
- National Bank of Kuwait K.S.C
Article (3)
The objectives of the Collective Investment Scheme shall be as mentioned in the Issuance Prospectus.
Article (4)
The Fund's term shall be 15 years as from the date of its registration in the CMA's register of investment funds, which shall be renewable for other similar period(s) after obtaining the approval of more than 50% of the Unitholders of the fund and the supervising authority.
Article (5):
The Fund shall be issued a license for three months in order to complete the minimum Fund capital and to issue the equity units. This term is renewable for a similar period in case that the minimum Fund's capital is not covered.
Article (6):
Upon the completion of the Fund's capital, it shall be licensed for three years as from the date of its registration in the CMA's register.
Article (7)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of its issuance. It shall be published in the Official Gazette.
Dr. Nayef Falah Al-Hajraf
Chairman, CMA Board of Commissioners
Managing Director
Issued on 6 / 4 / 2015