Regulatory Alerts2019-01-01
Decision of the Board of Directors of the Financial Regulatory Authority No. 178 of 2019 Regarding Rules for Issuing Sukuk Programs by Sukuk Financing Beneficiaries
The Financial Regulatory Authority issued Decision No. 178 of 2019 to regulate sukuk program issuances by beneficiaries of sukuk financing, establishing specific operational and disclosure requirements. The decision caps program durations at two years, mandates two years of audited financial statements, and requires detailed offering circulars, issuance-specific disclosures, and periodic compliance reports on fund utilization and repayment schedules. Additionally, it obligates issuers to formally justify any program non-implementation or early suspension to the Authority, while deferring to the Capital Market Law for any unaddressed provisions.
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