All of Global Investment House’s Kuwaiti investment funds now comply with the requirements of the Capital Markets Authority (CMA).
This announcement was made following the Kuwaiti funds’ unit holders meetings the company held on Sunday and Monday, 11 and 12 September, 2011, in line with Chapter 8 of the investment funds Law No 7 of 2010 pertaining to the Capital Markets Authority and the securities regulation for investment funds.
During the meetings, a five-member board of directors, consisting of three members from the company and two independent members, were elected for each fund. The unit holders also approved the appointment of the custodian and financial auditor for each fund in addition to the Sharia’a supervisory committee for the Islamic funds.
In addition, the new articles of association for each fund were approved following the modification of some articles that were made to comply with Chapter 8 of the investment funds Law No. 7 of 2010 pertaining to the Capital Markets Authority and the securities regulation.
Ismail Odeh (pictured), Vice President of Regulatory Compliance at Global, says: "We are delighted with this milestone that underlines our commitment to all the regulatory requirements." He added, "As soon as the CMA law was issued, Global started intensive workshops to implement the integrated plan covering all the company’s departments in order to ensure compliance with all CMA requirements.”
The investment funds that are now fully compliant with the CMA’s requirements are Al-Durra Islamic Fund, Global 10 Large Cap Index Fund, Global Islamic Fund, Global Bond Fund, Global Al-Ma’moun Fund, Global Local Fund and Global KD Money Market Fund.
Odeh says: “We have successfully applied CMA’s requirements relating to the investment funds within the set timeframe, and we are currently implementing the plan we set to ensure that Global fully complies to all the CMA’s regulations.”
