Warba Bank launches marketing campaign for Sukuk
Kuwait-based investment bank, Warba Bank, has launched a marketing campaign for a Sukuk to be issued with a total value of $250 million.
The campaign targets investors in Kuwait and Gulf Cooperation Council countries, in addition to global stock markets in Europe and East Asia.
“We predict a successful marketing for sukuks within a very short period of time, especially that they are of high importance,” he said. “Warba Bank has earned investors’ trust, as it managed within a relatively short period of time to leave its mark through its local, regional and international investments, in addition to arranging financing for large corporations locally and internationally,” said Shaheen Hamad Al-Ghanim, Warba Bank’s CEO.
Al-Ghanim added that the IPO in Warba Bank’s Sukuk is considered a good opportunity for investment. These sukuks will be listed in the Irish stock market and Nasdaq Dubai.
The bank has also signed a deal with McKinsey & Company to develop a new strategy for 2021, which is based on improving the bank’s operations in the corporate and investment sectors. It will also focus on further enhancing the quality of assets, diversifying sources of income and achieving a stable income based on the bank’s main banking activity. The strategy is based on expansion in the local market through services and products tailored for the retail and corporate sectors.
Warba Bank has earned rankings from international rating agencies, including Fitch Rating’s A+ Issuer Default Rating (IDR) and A+ Support Rating Floor (SRF) with stable future outlook, as well as Moody’s Baa2/Prime-2 rating with a stable future outlook, which is considered a great achievement that reflects the bank’s promising future.
“Warba Bank strives in 2017 to continue earning the trust of investors and clients, and based on that, it spares no efforts to design Islamic financing and banking tools and solutions based on quality and innovation standards that support its goal to become the best Islamic bank in the corporate and investment sector in Kuwait,” said Al-Ghanim.
Warba Bank has previously obtained approvals form the Central Bank of Kuwait and Capital Market Authority, while the General Assembly has also authorised the board of directors to issue Sukuk and other financing contract-based tools that go in line with the Islamic Shari'ah and requirements of the capital standard for Islamic banks (Basel 3), while completely committing with the relevant laws and regulations and after obtaining approvals from concerned auditory bodies.