The Capital Market Authority is finalizing a regulatory framework which will allow foreigners to directly own stocks in Saudi Arabia, though the market has no need for liquidity from international investors. Foreign investment is attracted to come to t…
The CMA Board has issued its resolution approving the initial public offering of 10,500,000 shares, which represent 30% of Aljazira Takaful Ta’awuni Company’s share capital. The offer price will be SAR 10 per share, and the subscription period will be from 03/07/1434H (13/05/2013G) to 09/07/1434H (19/05/2013G). The prospectus will be published within sufficient time prior to the subscription period. The prospectus includes all relevant information that the investor needs to know before making an investment decision, including the company’s financial statements, activities and management.
Saudi Arabia has appointed Mohammad al-Sheikh to head the Capital Market Authority, replacing Abdulrahman al-Tuwaijri, who had been at the helm of the agency since 2006. Mr Sheikh’s financial and legal background should help with his new role as the kingdom pushes forward with its plans to open up its nearly $400bn stock market to direct international buyers for the first time. This appointment is the latest in a series of reshuffles in the financial and political teams in Saudi Arabia, shifting towards private sector expertise.
Kuwait’s Capital Market Authority (CMA) published a statement on Tuesday about self-regulation by Islamic financial institutions to ensure compliance with Shariah standards. The statement recommends to appoint a sufficient number of legal observers in accordance with the size of the institution and to provide full transparency in their communications with compliance officers. The CMA also urged companies’ sharia boards to take more care to issue rulings that were in line with each other.
CMA Board of Commissioners’ resolution concerning its approval for Alinma Investment Company’s offer of “Alinma Multi Assets Defensive Fund” and “Alinma Multi Assets Aggressive Fund” has been issued.
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