Title: Resolution No. (97) of 2021 Regarding Granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to Warba Bank to Market the Shares of Warba Ijara Fund I (Cayman) Ltd
- 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
- The Memorandum and Articles of Association of Warba Bank, and the agreement between the representative of the collective investment scheme which is Warba Advisory Ltd and the marketing manager of Warba Bank; and
- The application submitted by Warba Bank to conduct a private marketing of Warba Ijara Fund I (Cayman) Ltd; and
- Based on Resolution No. (63) of 2021 regarding amending the authorizations for the Supervision Sector’s procedures issued on 14/06/2021.
The Following Was Resolved
Warba Bank is hereby licensed to market 100,000 shares (one hundred thousand shares only) of Warba Ijara Fund I (Cayman) Ltd as a private subscription in the State of Kuwait. It is incorporated in the Cayman Islands. The offering price shall be USD 1,000 (one thousand US Dollars only) per share, in addition to a subscription fee as follows:
- 1.50% of contributions up to USD 2,000,000.
-1.25% of contributions more than USD 2,000,000.
The marketed units shall be offered only for professional clients in the State of Kuwait according to Module One (Glossary) of the Executive Bylaws of Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments.
The party receiving the subscription application is as follows:
- Warba Bank.
The objectives of the Collective Investment Scheme are as mentioned in the prospectus.
The marketing license term is one year renewable annually from the issuance date of CMA’s license, and after paying the prescribed fees.
The prescribed fees shall be paid within one month from the date of issuance of this Resolution. In case of default, this Resolution shall be considered null and void.
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.
Head of Supervision Sector
Issued on: 02/09/2021