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Arab Times
5 days ago
- Business
- Arab Times
Boursa Kuwait to launch sukuk, bond trading in 2025
KUWAIT CITY, July 14: Chief Executive Officer (CEO) of Boursa Kuwait Mohammad Al-Osaimi said the timeline for debt instrument trading is proceeding as planned, indicating that sukuk and bonds will be traded in 2025. He affirmed that all technical tests for index funds and the bond and sukuk market have been completed, and the regulatory rules are currently being prepared and will be announced within the next few months. Al-Osaimi announced on the sidelines of the launch of the second part of the third phase of the Capital Market Development Program, which is a major milestone that reflects the market system's commitment to continue development per international best practices. Regarding the expected volume of debt instrument trading on the stock exchange, Al-Osaimi explained, 'The current value of commercial debt instruments does not exceed KD2 billion, but after the approval of the Debt Law, we aspire to list government bonds and sukuk'. He pointed out that the stock exchange has a development program extending over three or four years to introduce major updates to its trading system. He revealed 'we will begin testing the new trading system in the second half of 2026.' He stated that the stock exchange is cooperating with the Capital Markets Authority (CMA) to review several products to better present them, stressing that the introduction of the CCP and the Central Broker will help the stock exchange offer financial derivatives soon. He explained that these developments will lead to attracting foreign investments, coinciding with increased investor confidence. About amending the listing requirements on the main market, Al-Osaimi confirmed that 'when the reduction of listing requirements on the main market was approved by reducing the company's capital limit from KD15 million to KD5 million, we received numerous communications from subscription managers in this regard.' He anticipates listings shortly. He disclosed that two family companies are currently negotiating with the stock exchange for listing, explaining that the stock exchange intends to attract companies in various sectors, including commercial, government, and family businesses. He said the listing procedures and requirements are not easy, as companies are being reorganized and prepared for this step, which may require a period that may extend to several years. He clarified that there is currently no intention to list oil sector companies, disclosing that there have been discussions with the Public-Private Partnership Authority to list a government company such as North Al-Zour next year. He added, 'The launching of the second part of the third phase of the Capital Market Development Program -- the main station -- reflects the market system's commitment to continue development following international best practices.' He emphasized that 'this achievement is a qualitative shift in the development process of the market and it is the result of the concerted efforts of CMA, Central Bank of Kuwait, Kuwait Clearing Company, Boursa Kuwait, and our partners from banks, investment companies and financial brokerage companies.' He confirmed that this phase witnessed a comprehensive development of the operational and technical infrastructure, including strengthening the clearing and settlement system, upgrading and modernizing trading systems, and improving the market structure through the implementation of the 'Qualified Broker' model and the application of more accurate and transparent mechanisms for account management. He explained that this achievement affirms the readiness of the market for more advanced stages in the future, and a shared vision for an efficient and flexible financial market capable of supporting economic development and attracting investments. He confirmed Boursa Kuwait's commitment to continue this journey, in partnership with all stakeholders, to ensure sustainable development and enhance the position of Kuwait as an advanced regional financial center. On the other hand, Director of the Trading Department at CMA Khaled Al-Sahli stated that the second part of the third phase of the Capital Market System Development Program includes the provision of financial products. 'Trading and post-trading have been activated through the applicable systems, in addition to preparing the structure of the articles, executive regulations and the stock exchange rules,' he disclosed. Al-Sahli indicated that work is underway to approve the executive regulations after the completion of the rules and regulations for settlement and litigation in the Central Depository, which will happen soon. He asserted, 'This development step contributes to boosting confidence among foreign investors and increasing foreign inflows, especially with the implementation of the CPP.' He asserted that such steps taken by the Kuwaiti market open new horizons for brokerage firms. Abdul Karim Al-Yaqout – Director of Strategy and Product Development at Kuwait Clearing Company – pointed out that the third phase is the cornerstone in the process of developing the infrastructure for post-trade operations, led by CMA and implemented by Kuwait Clearing Company, in cooperation with Boursa Kuwait and the Central Bank of Kuwait. Al-Yaqout added that Kuwait Clearing Company plays a vital role in the areas of clearing, settlement, depository, collateral management and risk mitigation; thereby, contributing to the alignment of the Kuwaiti capital market with international standards, such as IOACO and PFMI. He affirmed that there is a reconciliation period extending six months from the start of the phase, in addition to another phase for transferring client funds to brokerage firms after obtaining their approval. He said a date has been set for this phase and July 17 is the deadline for this step
Arab Times
5 days ago
- Arab Times
Trio Jailed, Fined In Acquiring Kuwaiti Citizenship By Deceit
KUWAIT CITY, July 13: The Criminal Court closed one of the most serious cases of forgery and tampering with national identification cards. The court, headed by Counselor Mutab Al-Ardi, sentenced a Kuwaiti citizen and two Gulf nationals to seven years in prison with hard labor for forging Kuwaiti citizenship and tampering with official documents over 30 years -- from 1994 to 2024. The court also fined them and ordered them to pay a total of more than KD473,000. The penalties include the dismissal of the Kuwaiti defendant from public office, repayment of KD15,912, and a fine of double that amount. Another defendant was ordered to repay KD132,142 and a similar fine. According to the investigation results, the Public Prosecution charged one of the defendants with forging a nationality certificate, birth certificate, and civil identification card in the name of another defendant who claimed to be his son. This was done in agreement with another defendant, a Gulf national (the other defendant's real father ) to obtain official Kuwaiti documents based on false information. The investigations indicated that the Kuwaiti defendant exploited his position as a public employee to unlawfully seize money, including child allowances from the Ministry of Health and sums from the Public Institution for Social Security (PIFSS) totaling more than KD13,000. He used fraudulent methods to falsely claim that another defendant was his son who, in turn, fraudulently obtained a housing loan of KD4,000 from Kuwait Credit Bank (KCB); a rental allowance of KD18,600 and an additional KD109,542 from the Public Authority for Manpower (PAM), benefiting from privileges allocated to Kuwaiti citizens. Investigations conducted by a Nationality and Passports investigation officer revealed that the defendants agreed to include the other defendant's son in the Kuwaiti's citizenship file, exploiting the goodwill of employees at the Nationality and Travel Documents General Department. The other defendant's photos on his citizenship documents matched his official identification documents in his Gulf country, according to the forensic evidence report
Arab Times
14-06-2025
- Politics
- Arab Times
MoSA's debt relief initiative eases the burden on thousands of Kuwaitis
KUWAIT CITY, June 14: The Ministry of Social Affairs announced that the third national campaign to settle debts has achieved record results, raising more than KD15 million to cover the debts of more than 9,000 cases. The campaign was launched in partnership with the government and charitable entities like Zakat House, Kuwait Finance House, Issa Abdullah Al-Othman Endowment, the Secretariat General of Awqaf, along with several charitable and cooperative societies. The ministry confirmed in a press statement that the funds collected were transferred in full to the Execution of Judgments General Department at the Ministry of Justice to handle the settlement of the debts of eligible cases. 'These funds were carefully studied according to specific terms and criteria by six technical and legal committees, comprising representatives from the ministries of Interior, Justice, Social Affairs and Endowments, and Zakat House. A total of 9,119 files have been reviewed since the campaign's launch, in a meticulous evaluation process that included a separate study of each case to ensure eligibility and prevent any exploitation, in line with the principle of fairness in aid distribution,' it elaborated. The ministry confirmed that the campaign will only benefit indebted citizens detained in correctional institutions or those with enforcement cases, excluding those who benefited from the first and second campaigns in 2023 and 2024. 'This aim is to expand the beneficiary base and reach the most needy groups,' it added. It also emphasized that the campaign embodies Kuwait's humanitarian approach to support struggling groups and preserve their dignity, and reflects the spirit of national solidarity and cooperation between the government and charitable sectors. It concluded its statement by affirming its commitment to transparency and providing communication channels with citizens by responding to their inquiries through the Sahel application, and enabling applicants to follow up their files and view their details electronically.
