Alinma Investment Obtains the License from the Capital Market Authority

17 Rabe'a Al-Thani 1431 - 13 April 2009 G

Alinma Investment obtained the license of the Capital Market Authority (CMA) to exercise all stock business after it had completed the statutory requirements in accordance with the Stock Business Regulations, the Authorized Persons bylaws issued by CMA Council and other relevant regulations established in the Kingdom of Saudi Arabia.

 
Pursuant to the said license, Alinma Investment will exercise securities business as per the bylaw issued by CMA resolution No. 2-83-2005 and dated 21/5/1426. Such business includes performing the roles of principal and agent, underwriting, management and providing consultation and maintenance services to the stock business.
 
The authorized capital of Alinma Investment is 1.000.000.000 S.R divided into 100.000.000 shares of equal value, each with a nominal value of 10 S.R, while the paid-up capital is 250.000.000 S.R and all the shares are ordinary ones.
 
Mr. Abdul Mohsen Alfaris, Chairman of the Board of Directors of Alinma Investment said that CMA consent to give license to the company to exercise all businesses related to all securities business comes within CMA continuing efforts and endeavors to support and encourage the private sector to play an active role in supporting the procession of the national economy. The CMA license will open the way for the company to provide sophisticated investment services.
 
Mr. Alfaris emphasized that Alinma Investment is the first of Alinma Bank affiliated companies and will be keen to provide the best investment products and services that comply with Sharia terms and controls the legitimate by using the latest advances in modern technology in the field of communication and technological systems to provide its individual and corporate partners with an integrated system of investment products that will be made available through a network of modern branches as well as through multiple and advanced windows and electronic channels which will easily meet all the investment needs of the partners.
 
It is worth mentioning that the Founding Committee of Alinma Investment had previously appointed Mr. Mutasher Tarad Almurshed as the Chief Executive Officer of the company and member of its Board of Directors. Mr. Almorshed is one of the distinctive competencies in the financial sector in Saudi Arabia and has a rich working experience and scientific qualifications. He holds a master's degree in Business Administration and Financing from the United Kingdom in 2001 and also holds the Professional Certification of Securities Trading and Investment (Series7). He has held many leadership positions in major corporations and financial institutions in the Kingdom of Saudi Arabia.