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CMA licenses Salaam Investment Bank

Nairobi, 21 December, 2018…The Capital Markets Authority (CMA) has granted a license to Salaam Investment Bank Kenya Limited to operate as an investment bank under the Capital Markets Act and Regulations.

The license will enable the Salaam to offer its clients portfolio management including wealth management services and explore Shariah compliant products and services. The intermediary will be able to undertake investment advisory on corporate restructuring for example takeovers, mergers, acquisitions, privatization and corporate financing for example issuance of equity and debt securities.

An investment bank is a non-deposit taking institution licensed by the Authority to advise on offers of securities to the public or a section of the public, take-overs, mergers, acquisitions, corporate restructuring involving companies listed or quoted on a securities exchange, privatization of companies listed or to be listed on a securities exchange or underwriting of securities issued or to be issued to the public, and to engage in the business of a stockbroker or dealer.

The newly licensed Investment Bank’s parent company is Salaam African Bank, based in Djibouti and regulated by the Central Bank of Djibouti.

ENDS

BACKROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY

The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence.

The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Head of Corporate Communications on This email address is being protected from spambots. You need JavaScript enabled to view it.

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