Title: Resolution No. (87) of 2024 Regarding Granting a Collective Investment Scheme License to The Securities House Company for the Incorporation of Tamakan Educational 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 amendments thereto; and
- The request of The Securities House Company for the incorporation of Tamakan Educational Fund in the State of Kuwait; and
- Memorandum and Articles of Association of The Securities House Company; and
- Articles of Association, Issuance Prospectus, and Agreements of services providers of Tamakan Educational Fund; and
- Based on Resolution No. (24) of 2023 regarding amending the approval authorizations of the Supervision Sector’s procedures issued on 12/02/2023.

The Following Was Resolved:
Article (1):
The Securities House Company is hereby granted approval to incorporate Tamakan Educational Fund. It is offered for private subscription in a fixed capital of KWD 6,500,000 (six million and five hundred thousand Kuwaiti Dinars only), and a nominal value of KWD 50,000 (fifty thousand Kuwaiti Dinars only) per unit. Unitholders are not permitted to subscribe/participate with less than 1 unit (One unit only) or KWD 50,000 (fifty thousand Kuwaiti Dinars only per unit only), and in multiples of 1 unit (one unit only) or KWD 50,000 (fifty thousand Kuwaiti Dinars only per unit).
 
Article (2):
A total of 130 units (one hundred and thirty units only) totaling KWD 6,500,000 (six million and five hundred thousand Kuwaiti Dinars only) are offered for subscription. The Fund manager's contribution in the Fund’s units at inception shall not be less than KWD 100,000 (one hundred thousand Kuwaiti Dinars only) and not less than KWD 100,000 (one hundred thousand Kuwaiti Dinars only) or its equivalent in other currencies as a minimum. The Fund manager may dispose of or redeem some of their units in the event that their net value exceeds the minimum threshold stipulated in this Article. 

The parties receiving the subscription applications are as follows:
- The Securities House Company

Article (3):
The objectives of the Fund are as mentioned in the subscription prospectus.
 
Article (4):
The Fund’s duration is five calendar years, starting from the date of registration with the CMA,  renewable for a maximum of two terms, each term being one year , based on a  request from the Fund’s manager, and upon CMA approval.
 
Article (5):
The Fund is granted a temporary license for three months from the start of the subscription period for the purpose of completing the CMA’s requirements and the minimum Fund capital. No Fund activities can be  practiced  based on this temporary license.

Article (6):
The applicant may close the subscription period and be satisfied with the subscribed capital at any time during the temporary license, provided that it is announced or the target group that was invited to subscribe is notified or announced at least three business days before the new closing date.

Article (7):
In the event of the expiration of the temporary license without completing the requirements stipulated in Article (5) of this Resolution, the temporary license shall be revoked, unless the license validity is extended for another similar term upon the request of the license applicant before the end of the original term of the temporary license.
 
Article (8):
The assigned fees shall be paid within 30 days from the date of issuance of this Resolution. In case of default in paying the fees during the specified period, this Resolution shall be considered null and void.
 
Article (9):
The Fund shall be licensed after completing the minimum limit of the capital, for three years from the date of its registration in the Funds Register at the CMA.
 
Article (10):
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: 10/07/2024.

Copy of the Official Document