KUWAIT: Warba Bank, the best investment bank in Kuwait and best corporate consultancy institution, announced launching a marketing campaign this week for 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.
In this regard, Shaheen Hamad Al-Ghanim, Warba Bank’s CEO, said that the marketing campaign is largely expected to be successful in attracting funds from global market, and that based on positive responses from investors. “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.”
Al-Ghanim further noted that the IPO in Warba Bank’s sukuks is considered a good opportunity for investment, and that stemming from what the bank has achieved in the past six years and the positive growth rates in assets and deposits, in addition to its increased profits. These sukuks will be listed in the Irish stock market and Nasdaq Dubai, he added.
Furthermore, Al-Ghanim explained that the bank signed a deal with McKinsey & Company to a new strategy for 2021, which is based on improving the bank’s operations in the corporate and investment sectors, and further enhancing the quality of assets, diversifying sources of income and achieving a stable income based on the bank’s main banking activity. Moreover, the strategy is based on expansion in the local market through services and products tailored for the retail and corporate sectors, and offered in a distinguished and unique way with the goal of improving the bank’s market share and competitiveness. In addition, Al-Ghanim said that the strategy is expected to cement and solidify the bank’s position among Islamic banks in the local market in specific, and all local banks in general, in addition to maintaining a solid financial position that provides protection for shareholders.
Despite its relatively young age in the Islamic banking sector, Warba Bank has earned prestigious 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.
Al-Ghanim concluded by saying: “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.”
Warba Bank has previously obtained approvals form the Central Bank of Kuwait and Capital Market Authority, while the General Assembly has also authorized the board of directors to issue sukuks and other financing contract-based tools that go in line with the Islamic sharia 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.