Kuwait Finance House (KFH) announced on Saturday that it has completed all the requirements for the law of establishing the Capital Market Authority (CMA) Number 7 for year 2010, before the legal grace period ends.
KFH Acting CEO Emad Al-Thaqeb said, in a press release, that he submitted all documents and registrations which prove that KFH abides by the law to the concerned authorities at the CMA while the supervisory authorities have been shifted to the authority. He mentioned that as a leading Islamic financial institution, KFH has been keen to abide by the regulations of the supervisory authorities, especially that those authorities aim to organize the market and protect the interests of shareholders and investors. He went on saying that KFH looks forward to cooperating with the CMA and other supervisory authorities, in order to achieve goals that serve the national economy.
Moreover, he expressed KFH's confidence in the CMA's ability to shoulder its supervisory responsibilities, since it includes competent employees and high technical abilities. He lauded the supervisory role of the Central Bank of Kuwait (CBK) during the past years, which shielded the market and national institutions during challenging economic circumstances.