<p><strong>科威特城</strong>：科威特证券交易所欢迎资本市场管理局（CMA）批准其提议的规则修订，并发布了 2026 年第 38 号决议，建立了债券和伊斯兰债券的全面监管和立法框架。这一举措还包括对 2010 年第 7 号法律的执行细则的修订。</p>
<p>科威特证券交易所还发布了 2026 年第 1 号决议，修订其规则手册，以纳入针对债券和伊斯兰债券的具体条款。这些措施共同代表了对科威特资本市场的重要补充，并构成了朝着发展其投资环境和多样化其工具的关键一步，符合国际最佳实践。</p>
<p>“我们很高兴地宣布这一阶段的全面运营和技术准备工作已完成，科威特证券交易所和资本市场机构进行的系统测试已取得成功结果，确认交易基础设施已准备就绪，” 科威特证券交易所首席执行官穆罕默德·萨乌德·阿尔 - 奥赛米（Mr. Mohammad Saud Al-Osaimi）表示。</p>
<p>“科威特证券交易所现在已完全准备好接收上市申请，并运营债券和伊斯兰债券交易平台，待满足适用的监管要求后，相关工具将被上市，” 他补充道。</p>
<p>阿尔 - 奥赛米还指出，投资者对科威特资本市场的信心是交易所承诺维护的信任，并补充道：“这一阶段的不同之处在于，在该地区面临特殊地缘政治挑战的时刻，引入了新的投资工具。这反映了投资者对科威特国家经济及其资本市场的深厚信心，强调了该机构在这些条件下持续发展的承诺。”</p>
<p>“我们还希望向所有市场参与者保证，交易系统正在全力高效运作，科威特证券交易所以强大的运营基础设施而闻名，为投资者提供管理其投资组合所需的工具和环境，” 他说。</p>
<p>涵盖平台全周期的综合立法框架</p>
<p>第 <strong>38</strong> 号决议建立了一个全面的监管框架，涵盖科威特资本市场中债券和伊斯兰债券的整个生命周期，从上市和日常交易到提前赎回或到期。</p>
<p>新框架管理国内和外国发行的上市，规定了发行人和债务人在上市期间的持续义务，并清晰定义了退市和撤回的程序，包括与这些工具在市场指数中排除相关的处理机制。</p>
<p>科威特证券交易所还完成了一整套综合的运营和技术措施，包括引入一个专门的债券和伊斯兰债券交易板，与股票分开。交易时段和价格限制的结构反映了这些工具的独特性质，与传统股票交易机制不同。</p>
<p>此外，市场框架建立了明确的持续披露要求，概述了发行人在披露财务报表和重大进展时的义务，以及规定了谈判交易的条款和引入考虑到这些工具独特特征的定制运营规则。</p>
<p><strong>明确的愿景与战略目标</strong></p>
<p>决议中包含的全面监管修订与五个明确的战略目标相一致，反映了科威特资本市场发展的长期方向。这些目标包括将科威特资本市场的监管框架与全球资本市场认可的标准对齐，建立明确和结构化的上市和交易方法，为所有利益相关者提供法律确定性，以及通过引入新类别的可交易工具来增强市场流动性。</p>
<p>这些修订还旨在以服务投资者利益和增强其信心的方式加强披露标准和透明度，同时支持科威特市场投资工具的更大多样化，减少对股票作为主要投资工具的依赖。</p>
<p><strong>发行人的真正机会</strong></p>
<p>科威特和外国公司首次可以通过在科威特证券交易所发行上市债券或伊斯兰债券来为其运营和项目融资，享受明确且可行的融资优势。这些工具使发行人能够以与传统银行借贷相比更具竞争力的成本获得资金，并接触到更广泛和多样化的投资者基础，超越传统贷款人。</p>
<p>新的监管框架还要求寻求上市的公司满足一系列旨在保护投资者利益的条件。这些条件包括获得认可评级机构的信用评级，遵守不低于 KD <strong>100,000</strong> 或其等值外币的最低发行价值，确保无限制的自由交易，并建立一个代表债券或伊斯兰债券持有人的机构以保护其利益。此外，伊斯兰债券的发行必须遵循伊斯兰教法的原则和规则。</p>
<p><strong>新的投资机会</strong></p>
<p>这一平台的意义延伸至科威特资本市场的投资者，提供了在此监管和透明度水平下之前未曾提供的新投资机会。作为交易所上市和可交易的工具，债券和伊斯兰债券提供了一种结构化的投资选择，增强了市场效率，并与其发展保持同步。</p>
<p>这些工具还为投资者提供了一种稳定且可预测的收入流，与股票相关的更波动的回报截然不同。它们通常承载相对较低的风险，特别是在高评级债券和伊斯兰债券的情况下，同时实现更大的投资组合多样化和更平衡的风险分配。</p>
<p><strong>一个成熟的机构合作关系</strong></p>
<p>科威特证券交易所赞扬科威特资本市场管理局在制定这一综合立法框架方面所做的监管努力，并以高专业标准将其交付。该交易所还确认将继续与该管理局协调和对齐，作为监督科威特证券行业的立法和监管机构。</p>
<p>科威特证券交易所将这种关系视为监管者设定和监督框架与实施和推进框架的运营者之间有效机构整合的典范，这种方法已被全球领先的资本市场所采用。</p>
<p>该交易所进一步重申其致力于不断提升基础设施和技术系统，以确保在所有资产类别中以最高效率和可靠性提供交易服务，增强科威特作为区域和全球领先金融投资中心的地位，为科威特国家所追求的经济多样化目标做出重要贡献。</p>
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MSCI 科威特​ ETF - iShares

<p>科威特证券交易所已获得资本市场管理局（CMA）的批准，推出债券和伊斯兰债券（sukuk）交易平台，此举是在建立全面的监管框架之后进行的。该倡议旨在多样化科威特资本市场的投资工具，并增强投资者信心。该平台将允许科威特和外国公司发行上市债券或伊斯兰债券，为其提供新的融资机会。监管修订还着重于改善市场流动性、透明度和信息披露标准，最终使投资者和发行人都受益</p>

<p><strong>Kuwait City</strong>: Boursa Kuwait welcomed the Capital Markets Authority (CMA)’s approval of its proposed rule amendments, alongside the issuance of Resolution No. 38 of 2026 establishing a comprehensive regulatory and legislative framework for bonds and sukuk. The move also includes amendments to the Executive Bylaws of Law No. 7 of 2010.</p>
<div class="lb-trans"><p><strong>科威特城</strong>：科威特证券交易所欢迎资本市场管理局（CMA）批准其提议的规则修订，并发布了 2026 年第 38 号决议，建立了债券和伊斯兰债券的全面监管和立法框架。这一举措还包括对 2010 年第 7 号法律的执行细则的修订。</p>
</div><p>Boursa Kuwait also issued Resolution No. 1 of 2026, amending its rulebook to incorporate provisions specific to bonds and sukuk. Together, these measures represent a significant addition to the Kuwaiti capital market and constitute a pivotal step toward developing its investment environment and diversifying its instruments in line with international best practices.</p>
<div class="lb-trans"><p>科威特证券交易所还发布了 2026 年第 1 号决议，修订其规则手册，以纳入针对债券和伊斯兰债券的具体条款。这些措施共同代表了对科威特资本市场的重要补充，并构成了朝着发展其投资环境和多样化其工具的关键一步，符合国际最佳实践。</p>
</div><p>“We are pleased to announce the completion of full operational and technical readiness for this phase, as system tests conducted by Boursa Kuwait and the capital market apparatus have delivered successful results, confirming the trading infrastructure’s readiness,” said Boursa Kuwait Chief Executive Officer Mr. Mohammad Saud Al-Osaimi.</p>
<div class="lb-trans"><p>“我们很高兴地宣布这一阶段的全面运营和技术准备工作已完成，科威特证券交易所和资本市场机构进行的系统测试已取得成功结果，确认交易基础设施已准备就绪，” 科威特证券交易所首席执行官穆罕默德·萨乌德·阿尔 - 奥赛米（Mr. Mohammad Saud Al-Osaimi）表示。</p>
</div><p>“Boursa Kuwait is now fully equipped to receive listing applications and operate the bonds and sukuk trading platform, with instruments to be listed upon meeting the applicable regulatory requirements,” he added.</p>
<div class="lb-trans"><p>“科威特证券交易所现在已完全准备好接收上市申请，并运营债券和伊斯兰债券交易平台，待满足适用的监管要求后，相关工具将被上市，” 他补充道。</p>
</div><p>Al-Osaimi also noted that investor confidence in Kuwait’s capital market is a trust the exchange is committed to upholding, adding, “What sets this phase apart is the introduction of new investment instruments at a time when the region is facing exceptional geopolitical challenges. This reflects the depth of investor confidence in the national economy of Kuwait and its capital market, underscoring the apparatus’s commitment to continued development despite these conditions.”</p>
<div class="lb-trans"><p>阿尔 - 奥赛米还指出，投资者对科威特资本市场的信心是交易所承诺维护的信任，并补充道：“这一阶段的不同之处在于，在该地区面临特殊地缘政治挑战的时刻，引入了新的投资工具。这反映了投资者对科威特国家经济及其资本市场的深厚信心，强调了该机构在这些条件下持续发展的承诺。”</p>
</div><p>“We would also like to reassure all market participants that trading systems are operating at full efficiency, and that Boursa Kuwait is distinguished by a robust operational infrastructure that provides investors with the tools and environment needed to manage their portfolios with confidence,” he said.</p>
<div class="lb-trans"><p>“我们还希望向所有市场参与者保证，交易系统正在全力高效运作，科威特证券交易所以强大的运营基础设施而闻名，为投资者提供管理其投资组合所需的工具和环境，” 他说。</p>
</div><p>An integrated legislative framework covering the full cycle of the platform</p>
<div class="lb-trans"><p>涵盖平台全周期的综合立法框架</p>
</div><p>Resolution <strong>38</strong> establishes a comprehensive regulatory framework that covers the full lifecycle of bonds and sukuk in the Kuwaiti capital market, from listing and daily trading through to early redemption or maturity.</p>
<div class="lb-trans"><p>第 <strong>38</strong> 号决议建立了一个全面的监管框架，涵盖科威特资本市场中债券和伊斯兰债券的整个生命周期，从上市和日常交易到提前赎回或到期。</p>
</div><p>The new framework governs the listing of both domestic and foreign issuances, sets out ongoing obligations for issuers and obligors throughout the listing period and clearly defines procedures for delisting and withdrawal, including mechanisms for the treatment of these instruments in relation to their exclusion from market indices.</p>
<div class="lb-trans"><p>新框架管理国内和外国发行的上市，规定了发行人和债务人在上市期间的持续义务，并清晰定义了退市和撤回的程序，包括与这些工具在市场指数中排除相关的处理机制。</p>
</div><p>Boursa Kuwait also completed an integrated suite of operational and technical measures, including the introduction of a dedicated trading board for bonds and sukuk that is separate from equities. Trading sessions and price limits were structured to reflect the distinct nature of these instruments, differing from conventional equity trading mechanisms.</p>
<div class="lb-trans"><p>科威特证券交易所还完成了一整套综合的运营和技术措施，包括引入一个专门的债券和伊斯兰债券交易板，与股票分开。交易时段和价格限制的结构反映了这些工具的独特性质，与传统股票交易机制不同。</p>
</div><p>In addition, the market framework establishes clear continuous disclosure requirements, outlining issuers’ obligations when disclosing financial statements and material developments, alongside provisions regulating negotiated trades and the introduction of tailored operational rules that take into account the unique characteristics of these instruments.</p>
<div class="lb-trans"><p>此外，市场框架建立了明确的持续披露要求，概述了发行人在披露财务报表和重大进展时的义务，以及规定了谈判交易的条款和引入考虑到这些工具独特特征的定制运营规则。</p>
</div><p><strong>A clear vision with strategic goals</strong></p>
<div class="lb-trans"><p><strong>明确的愿景与战略目标</strong></p>
</div><p>The comprehensive regulatory amendments included in the resolution align with five clear strategic objectives that reflect the long-term direction for the development of the Kuwaiti capital market. These include aligning the Kuwaiti capital market’s regulatory framework with the standards recognized in global capital markets, establishing a clear and structured approach to listing and trading that provides legal certainty for all stakeholders as well as enhancing market liquidity through the introduction of a new class of tradable instruments.</p>
<div class="lb-trans"><p>决议中包含的全面监管修订与五个明确的战略目标相一致，反映了科威特资本市场发展的长期方向。这些目标包括将科威特资本市场的监管框架与全球资本市场认可的标准对齐，建立明确和结构化的上市和交易方法，为所有利益相关者提供法律确定性，以及通过引入新类别的可交易工具来增强市场流动性。</p>
</div><p>The amendments also aim to strengthen disclosure standards and transparency in a manner that serves investors’ interests and reinforces their confidence, while supporting greater diversification of investment instruments in the Kuwaiti market, reducing reliance on equities as the primary investment vehicle.</p>
<div class="lb-trans"><p>这些修订还旨在以服务投资者利益和增强其信心的方式加强披露标准和透明度，同时支持科威特市场投资工具的更大多样化，减少对股票作为主要投资工具的依赖。</p>
</div><p><strong>A</strong> real opportunity for issuers</p>
<div class="lb-trans"><p><strong>发行人的真正机会</strong></p>
</div><p>For the first time ever, Kuwaiti and foreign companies can finance their operations and projects through the issuance of listed bonds or sukuk on Boursa Kuwait, benefitting from clear and viable financing advantages. The instruments allow issuers to secure funding at competitive costs compared to traditional bank borrowing and access a broader and more diversified investor base beyond conventional lenders.</p>
<div class="lb-trans"><p>科威特和外国公司首次可以通过在科威特证券交易所发行上市债券或伊斯兰债券来为其运营和项目融资，享受明确且可行的融资优势。这些工具使发行人能够以与传统银行借贷相比更具竞争力的成本获得资金，并接触到更广泛和多样化的投资者基础，超越传统贷款人。</p>
</div><p>The new regulatory framework also requires companies seeking listing to meet a set of conditions designed to safeguard investor interests. These include obtaining a credit rating from a recognized rating agency, adhering to a minimum issuance value of no less than KD <strong>100,000</strong> or its equivalent in foreign currencies, ensuring free tradability without restrictions and establishing a body to represent bond or sukuk holders and protect their interests. Additionally, sukuk issuances must comply with the principles and rules of Islamic Sharia.</p>
<div class="lb-trans"><p>新的监管框架还要求寻求上市的公司满足一系列旨在保护投资者利益的条件。这些条件包括获得认可评级机构的信用评级，遵守不低于 KD <strong>100,000</strong> 或其等值外币的最低发行价值，确保无限制的自由交易，并建立一个代表债券或伊斯兰债券持有人的机构以保护其利益。此外，伊斯兰债券的发行必须遵循伊斯兰教法的原则和规则。</p>
</div><p><strong>A new investment opportunity</strong></p>
<div class="lb-trans"><p><strong>新的投资机会</strong></p>
</div><p>The significance of this platform extends to investors in Kuwait’s capital market, offering new investment opportunities that were not previously available at this level of regulation and transparency. As listed and tradable instruments on the exchange, bonds and sukuk provide a structured investment option that enhances market efficiency and keeps pace with its development.</p>
<div class="lb-trans"><p>这一平台的意义延伸至科威特资本市场的投资者，提供了在此监管和透明度水平下之前未曾提供的新投资机会。作为交易所上市和可交易的工具，债券和伊斯兰债券提供了一种结构化的投资选择，增强了市场效率，并与其发展保持同步。</p>
</div><p>These instruments also offer investors a steady and predictable stream of income, distinct from the more volatile returns associated with equities. They typically carry comparatively lower risk, particularly in the case of highly rated bonds and sukuk, while enabling greater portfolio diversification and a more balanced distribution of risk.</p>
<div class="lb-trans"><p>这些工具还为投资者提供了一种稳定且可预测的收入流，与股票相关的更波动的回报截然不同。它们通常承载相对较低的风险，特别是在高评级债券和伊斯兰债券的情况下，同时实现更大的投资组合多样化和更平衡的风险分配。</p>
</div><p><strong>A well-established institutional partnership</strong></p>
<div class="lb-trans"><p><strong>一个成熟的机构合作关系</strong></p>
</div><p>Boursa Kuwait commends the regulatory efforts undertaken by the CMA in developing this integrated legislative framework and delivering it to a high professional standard. The exchange also affirms its continued coordination and alignment with the Authority in its capacity as the legislative and supervisory body overseeing Kuwait’s securities sector.</p>
<div class="lb-trans"><p>科威特证券交易所赞扬科威特资本市场管理局在制定这一综合立法框架方面所做的监管努力，并以高专业标准将其交付。该交易所还确认将继续与该管理局协调和对齐，作为监督科威特证券行业的立法和监管机构。</p>
</div><p>Boursa Kuwait views this relationship as a model of effective institutional integration between a regulator that sets and oversees the framework and an operator that implements and advances it, an approach adopted by leading capital markets worldwide.</p>
<div class="lb-trans"><p>科威特证券交易所将这种关系视为监管者设定和监督框架与实施和推进框架的运营者之间有效机构整合的典范，这种方法已被全球领先的资本市场所采用。</p>
</div><p>The exchange further reiterates its commitment to continuously enhancing its infrastructure and technical systems to ensure the delivery of trading services at the highest levels of efficiency and reliability across all asset classes, enhancing Kuwait's position as a leading financial and investment center in the region and across the globe, a vital contributor to the economic diversification goals to which the State of Kuwait aspires.</p>
<div class="lb-trans"><p>该交易所进一步重申其致力于不断提升基础设施和技术系统，以确保在所有资产类别中以最高效率和可靠性提供交易服务，增强科威特作为区域和全球领先金融投资中心的地位，为科威特国家所追求的经济多样化目标做出重要贡献。</p>
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ZAWYA: 科威特证券交易所将在资本市场管理局的决定后推出债券和伊斯兰债券交易平台