KUWAIT, May 20 (KUNA) -- The National Industries Group (NIG) has assigned Warba Bank to lead a funding operation of more than KD 100 million, that is compatible with Islamic law, Sharia, to be one of the biggest funding processes in Kuwait, Warba Bank announced on Sunday.

In a statement, the bank said that local, Gulf, and international banks were to be invited to participate in this financing, noting that it expected a large turnout from other banks due to the distinctive structure of the funding, which it set to be announced soon.

Also, the statement added that this funding came in line with the strategy and goals of the bank to support the local economy and local companies, play a major role in the field of Islamic banking in Kuwait, and present banking operations that are compliant with Islamic law.

Warba Bank is an Islamic bank established by virtue of a Decree by the Amir of Kuwait, and was officially registered in the Central Bank of Kuwait's list of Islamic banks on April 5th, 2010. The State of Kuwait, represented by Kuwait Investment Authority (KIA), owns 24 percent of the bank's shares while the remaining 76 percent of shares, fully subscribed by the government, have been equally allocated to all Kuwaiti nationals.

Warba Bank offers a range of customized Sharia-compliant services and solutions through the banks three divisions of Retail, Investment and Corporate Banking. Branching out in four strategic locations, Warba Bank has over 150 employees.