Kuwait, 27 May 2013: Warba Bank, the most recently opened Islamic bank in Kuwait, today became the 11th member bank to join The Shared Electronic Banking Services Company (KNET) in Kuwait.

KNET provides electronic banking services to all Kuwaiti banks and is committed to adopting state-of-the-art technology in varies areas of electronic banking services. KNET provides the highest standards and services available worldwide to its member banks in the Kuwait and covers also the GCC states. KNET is committed to accuracy and high international standards of efficiency and security in completing customers' electronic banking transactions.

Warba Bank's membership of KNET is an example of cooperation and mutual benefit in the banking sector, where the bank's services to its customers integrate with the services provided by KNET in the local market, giving Warba Bank a competitive position among others Kuwaiti banks.

The cooperation between Warba Bank and KNET will offer the best banking services for customers, covering their needs locally and internationally. Membership will also enable the bank to provide value added services to its customers by deploying the latest technologies in various advanced payment channels.

Warba Bank's membership of KNET was a strategic objective of the bank's management to enhance service provision to customers. KNET efficiently provides quality services to all banks operating within Kuwait and across the region, providing its members and their customers with electronic banking transactions throughout the GCC through its connection to Gulf Network (GCCNET). Having Warba Bank as a member in KNET will increase the efficiency and accuracy of financial transactions conducted by customers in Kuwait or in the GCC region.

Through the membership, Warba Bank will be able to activate the Points of Sale service for companies and merchants within the local market, which will reinforce the presence of Warba in the commercial sector. Additionally, the bank will be able to participate in the special promotional discounts that are provided to the holders of any of Warba cards.

Warba Bank's membership of KNET is considered to be a long term investment that will provide stable and continuous returns over the coming years. It will also ensure the application of the latest technology which will allow Warba Bank to provide customers with services and solutions according to the highest international standards of efficiency and security.

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About Warba Bank:
Warba Bank, an Islamic bank established by virtue of Amiri Decree, was officially registered in the Central Bank of Kuwait's list of Islamic banks on the 5th of April, 2010. The state of Kuwait, represented by Kuwait Investment Authority (KIA), owns 24% shares of the bank while the remaining 76% of shares, fully subscribed by the government, have been equally allocated among all Kuwaiti nationals. Warba Bank offers a range of customized Sharia-compliant services and solutions which are available through the banks three divisions of Retail, Investment and Corporate Banking. Branching out in five strategic locations, Warba Bank has over 150 employees.

For media information, please contact:
Nadin Al Alami /  Alaa Youssef
ASDA'A Burson Marstellar
Tel: 00965 22901571/ 2/ 3/ 4/ 5  
Fax: 00965 2290157
Email: nadin.alami@bm.com / Alaa.youssef@bm.com

© Press Release 2013