The Capital Markets Authority issued Resolution No. (35) of 2023 Regarding Extending the Period for Al-Madina for Finance & Investment Company to hand over to the clients their funds and assets or to the party that is responsible to hold, manage or safe-keep them for one calendar year starting from 11 March 2023. CMA also ordered the company to submit to the CMA a monthly report from the date mentioned in Article 1, above, on the termination of the Company's business related to the clients’ funds and assets until the completion of the hand over. Moreover, CMA called on all concerned bodies to execute this Resolution, each within its jurisdiction effective 11 March 2023, and it shall be published in the Official Gazette. This resolution was based on resolution No. (25) of 2021 Issued on 15 March 2021, regarding cancelling the Securities Activities License of Al-Madina for Finance and Investment Company No. (AP/2016/0024) and removing it from the Licensed Persons Register at the CMA, resolution No. (40) of 2022 issued on 22/03/2022 regarding extending the period for Al-Madina for Finance and Investment Company to hand over to the clients their funds and assets or to the party that is responsible to hold, manage or safe-keep them, and CMA Board of Commissioners resolution passed in its meeting No. (7) of 2023 held on 14 March 2023.