الهيئة العامة للرقابة المالية

• Approval for Incorporation of Aman Securitization, Amjad Holding, and Sadara Holding to engage in financial investment activities.
• Al Ahli Kuwait Leasing granted a license to practice Factoring.
• Orion Consumer Finance (algo) receives a license to operate in Consumer Finance.
• Square Forty Capital granted a license for Promoting and Underwriting of securities.
• CIB Finance adds Financial Leasing to its activities.
• Pharaonic Securities Brokerage obtained license to act as a receiving entity for Investment Fund subscriptions.

FRA’s Incorporation and Licensing Committee has approved the incorporation and licensing of nine companies to conduct seven non-banking financial activities. These regulated activities include securitization, factoring, financial leasing, receiving subscriptions for investment fund certificates, promotion and underwriting, financial investments, and company incorporation.

In accordance with FRA Chairman Decree No. 3060 of 2023, Incorporation and Licensing Committee serves as the competent body responsible for approving the incorporation and licensing of companies operating within the non-banking financial sector.

The Committee approved the incorporation of three entities: Aman Securitization, Sadara Holding, and Amjad Holding to operate in corporate equity and capital increase activities.

A license for the promotion and underwriting of securities was granted to Square Forty Capital. Additionally, the Committee authorized Al Ahli Kuwait Leasing to expand its operations into factoring activities.

Orion has obtained a license to provide traditional consumer finance services. It is worth noting that the company submitted its application and incorporation documents prior to FRA’s recent decision to suspend new requests for incorporation of consumer finance companies.

The Committee granted preliminary approval to CIB Finance to add financial leasing to its existing activities. Furthermore, Pharaonic Securities Brokerage licensed to act as a receiving entity for Investment Fund subscriptions.

Finally, the Committee approved the registration of SAM Precious Metals in the Registry of Authorized Precious Metals Traders and Custodians. This addition marks the fourth company to be listed in this registry.

The Committee’s jurisdiction extends to ratifying amendments to company’s statutes and endorsing employee incentive and motivation schemes. Beyond corporate governance, it serves a critical supervisory function by advising on the suspension of General Assembly resolutions within the securities and consumer finance sectors.

The Committee is also empowered to authorize the addition of new activities and operational mechanisms for non-banking financial institutions (NBFIs). Its mandate includes overseeing regulatory transitions (legal umbrella shifts) for securities and consumer finance firms.

Additionally, the Committee governs licensing of branch networks – including openings, relocations, and closures- as well as reviewing liquidations requests and temporary or voluntary suspensions requests. It further oversees the registration, renewal, and de-registration of incorporation agents within the NBFI sector.