The Kuwait Capital Markets Authority has approved Gulf Capital Investment Company to establish the Al Badr Islamic Gulf Equity Fund in Kuwait under a collective investment scheme license. The fund will be offered for public subscription as a variable-capital fund, with capital set to range from a minimum of KWD 2 million to a maximum of KWD 500 million. Units will have a nominal value of KWD 10, and investors may not subscribe for less than KWD 5,000, with further subscriptions in multiples of KWD 100. The offering covers 50 million units, equivalent to KWD 500 million. The fund manager must subscribe at establishment for at least KWD 100,000, or the equivalent in other currencies, and may dispose of or redeem units only to the extent its holding remains above that minimum. Subscription applications will be received by Gulf Capital Investment Company and Gulf Bank. The fund will have a 15-year term from the date it is entered in the authority's funds register, with renewals for equivalent periods possible subject to the authority's approval and approval by unit holders representing more than 50 percent of the fund's issued capital. The decision grants the fund a temporary license for three months from the start of subscription to complete the authority's requirements and reach the minimum capital threshold, and the fund may not conduct any fund activity under that temporary license. The subscription period may be closed early, provided the invited target category is notified at least three business days before the new closing date. If the temporary license expires before the requirements are completed, it will lapse unless extended for a similar period on request before expiry. Once the minimum capital is completed and the fund is entered in the funds register, it will be licensed for three years from the registration date.
Kuwait Capital Markets Authority2026-07-07
Kuwait Capital Markets Authority approves Al Badr Islamic Gulf Equity Fund with KWD 2 million minimum capital and a three month temporary license
The Kuwait Capital Markets Authority approved Gulf Capital Investment Company to establish the Al Badr Islamic Gulf Equity Fund as a publicly offered variable-capital fund in Kuwait. The fund's capital ranges from KWD 2 million to KWD 500 million, with a minimum subscription of KWD 5,000 and a three month temporary license to complete regulatory requirements and reach minimum capital. After registration and completion of the minimum capital, the fund will receive a three-year license.