Warba Bank K.S.C.P. ("Warba"), a Kuwait-based bank with a well-established track record in Islamic finance, has expanded its global investment products offering by establishing a Cayman Islands-based Shariah-compliant structure to allocate capital to its newly established Warba Islamic Income Fund (the "Fund") with the assistance of Maples Group (“the Group”) and its comprehensive fund administration, fiduciary and legal services capabilities. This is the latest successful project between Warba and the Group, which enjoy a longstanding and growing partnership.

The Fund aims to generate sustainable returns through a defensive Shariah-compliant investment portfolio focused on senior-secured direct financing arrangements in mid-sized US companies, particularly those backed by global financial sponsors. Investors in the MENA region have been allocating to alternative asset classes such as US private credit as of late in the search for strong returns and to achieve diversification.

"We are pleased to support Warba’s growth and ambition with a comprehensive array of fund administration services as the firm continues to develop its reach across strategies," says Fred Tabbal, Regional Head of Fund Services – Middle East.

The growing appetite for the asset class among investors in the Gulf Cooperation Council (“GCC”) region in particular prompted Warba to launch the income strategy, with Warba planning to launch a series of similar structures following the Fund's oversubscribed close.

"We are proud to have assisted Warba with this innovative and ambitious transaction, which showcases the flexibility of the Cayman Islands and its continued growth as a key jurisdiction for Shariah-compliant transactions, as well as our well-established track record and unique offering for similar transactions in the MENA region," says Gurminder Sanghera, Of Counsel based in the Group’s Dubai office.

The Fund highlights Warba’s unwavering commitment to providing unique and diverse Shariah compliant investment opportunities to its customers. Warba remains steadfast in its mission to be a trusted partner, delivering innovative solutions that promote growth and financial sustainability for clients and markets.

Warba Bank is at the forefront of Islamic financial innovation, offering a variety of Sharia-compliant investment funds designed to achieve sustainable returns. These funds cover a wide array of sectors and global markets and capitalise on strategic partnerships with global financial institutions and deep regional expertise, ensuring comprehensive opportunities for investors.

About Warba Bank

Founded in 2010, Warba Bank is a publicly traded Islamic bank based in Kuwait and listed on the Kuwait Stock Exchange. Warba Bank has partnered with an extensive network of top tier global managers across traditional and alternative investments. This experience has buoyed Warba Bank’s ability to build its asset management business and offer innovative Shariah-compliant solutions to its retail, private and corporate clients.

About The Maples Group

The Maples Group is a leading service provider offering clients a comprehensive range of legal services on the laws of the British Virgin Islands, the Cayman Islands, Ireland, Jersey and Luxembourg and is an independent provider of fiduciary, fund services, regulatory and compliance, and entity formation and management services.  The Maples Group distinguishes itself with a client-focused approach, providing solutions tailored to their specific needs.  Its global network of lawyers and industry professionals are strategically located in the Americas, Europe, Asia and the Middle East to ensure that clients gain immediate access to expert advice and bespoke support, within convenient time zones.  For more information, please visit maples.com.