The Capital Markets Authority (CMA) issued Decision No. (01) of 2025, granting Gulf Capital Investment Company approval to establish the Pearl Money Market Fund in Kuwaiti dinars in accordance with Islamic Sharia regulations, which will be publicly offered with a variable capital.

The capital limits range from a minimum of K.D. 2,000,000 (Two million Kuwaiti dinars) to a maximum of K.D 500,000,000. (Five hundred million Kuwaiti dinars), with a nominal value of K.D 1. (One Kuwaiti dinar) per unit.

No unit holders may subscribe to the fund for the first time with less than K.D. 1,000 (One thousand Kuwaiti dinars) and in multiples of K.D 1. (One Kuwaiti dinar).

According to the second article of the decision, 500,000,000 units (Five hundred million units) will be offered for subscription, amounting to K.D 500,000,000. (Five hundred million Kuwaiti dinars). 

The fund manager’s participation in the fund units at establishment must not be less than K.D 100,000 (One hundred thousand Kuwaiti dinars) or its equivalent in other currencies as a minimum, and he may dispose of or redeem some units owned by him if their net value exceeds the minimum stipulated in this article.

The entities receiving subscription requests are Gulf Capital Investment Company and Gulf Bank, with investment system objectives determined according to the third article based on what is mentioned in the subscription prospectus.
The term of the fund, according to the fourth article, is 15 years (Fifteen years), starting from the date of its registration in the funds register with the Authority, and it is renewable for similar periods upon the request of the fund manager after obtaining the approval of the Authority and unit holders representing more than 50% of the issued capital of the fund.

The fund is granted a temporary license for 3 months (Three months) from the start date of the subscription to complete the Authority's requirements and the minimum capital of the fund, and no activity of the fund may be conducted based on this temporary license in accordance with the fifth article of the decision.

The applicant may close the subscription period and accept the subscribed capital at any time during the temporary license, provided that the targeted group invited to subscribe is notified at least 3 business days prior to the new closure date, according to the sixth article.

According to the seventh article, if the temporary license period ends without fulfilling the requirements stated in the fifth article of this decision, the temporary license will be invalidated unless the validity of the license is extended for another similar period, based on the request of the applicant for the license before the expiration of the original period of the temporary license.

The prescribed fees must be paid within 30 days of the date of issuance of this decision, and if the fees are not paid within the specified period, the decision will be considered null and void. The fund is licensed after completing the minimum capital for a period of 3 years from the date of its registration in the funds register with the Authority, according to the eighth and ninth articles.

The "Authority" requested the relevant authorities to implement this decision, each regarding its scope, effective from the date of its issuance, and it will be published in the official Gazette.