The Capital Markets Authority(CMA) has decided to grant Gulf Capital Investment Company approval to establish the Pearl Fund for the Money Market in US dollars, in accordance with Sharia law. The fund will be available for public subscription with a variable capital, ranging from a minimum amount of $7,000,000 (seven million US dollars) to a maximum amount of $1,000,000,000 (one billion US dollars), with a nominal value of $10 (ten US dollars) per unit. No unit holders may subscribe to the fund for the first time with less than $3,000 (three thousand US dollars) and in multiples of $10 (ten US dollars).

The fund will offer a subscription of 100,000,000 units (one hundred million units), equivalent to $1,000,000,000 (one billion US dollars). The fund manager's contribution to the fund's units at the establishment must not be less than 100,000 KWD (one hundred thousand Kuwaiti dinars) or its equivalent in other currencies as a minimum. The fund manager may dispose of or redeem some of the units owned by them if their net value exceeds the minimum stipulated in this provision.

The entities authorized to receive subscription requests are: Gulf Capital Investment Company and Gulf Bank, with a fund duration of fifteen years starting from the date of its registration in the funds register at the Authority, which may be renewed for similar periods upon the request of the fund manager and after obtaining the Authority’s approval and the consent of unit holders representing more than 50% of the issued capital of the fund.

The fund will be granted a provisional license for three months from the start of the subscription period to complete the Authority's requirements and the minimum capital amount. No activities of the funds may be conducted based on this provisional license.

The applicant may close the subscription period and rely on the capital subscribed at any time during the provisional license, provided that the target audience invited to subscribe is notified at least three working days before the new closing date.

Additionally, it was confirmed that if the provisional license expires without fulfilling the requirements mentioned in Article Five of this decision, the provisional license will be revoked unless a renewal for a similar period is requested before the expiration of the original provisional license. The prescribed fees must be paid within thirty days from the issuance of this decision, and failure to pay the fees within the specified period will result in the decision being considered null and void.

The fund will be licensed to operate for three years from the date of its registration in the funds register at the Authority once the minimum capital requirement has been met.