Announcement made during Annual General Assembly
Kuwait, 10 May 2012: Warba Bank held its General Assembly Meeting for the financial period ended 31 December 2011, during the meeting held in the Ministries Complex The Chairman & Managing Director Jassar Al-Jassar noted that the Bank's management adopts a clear strategy prepared by one of largest specialized international firms who worked for five months to set up the bases and standards through which the targeted segments, markets, as well as geographical presence have been identified with a view to cater for the bank's customers from different sectors and to enable Warba Bank to be distinguished among other competitor Sharia-compliant banks in Kuwait. Thus, Warba Bank's incorporation process adheres to the standards of best international and professional practice that were accurately implemented to ensure the bank's growth on the one side and reaching the level of international and regional banks in the future on the other side, so that the bank would be a source of economic pride for the State of Kuwait.
Indeed, the honorable principles of the Islamic Sharia contributed to the formation of the charter of values and principles that are followed by all divisions & departments throughout Warba Bank, which preserve our fair and transparent identity. To this end, Warba Bank's Sharia Supervisory Board (SSB) has reviewed and studied each and every form used in addition to examining the contracts between the bank and the external entities.
Warba Bank has recruited an elite group of high-caliber banking cadres who possess extensive experience in different banking sectors and areas. On the basis of our complete convictions of the importance of the human element and our belief that no achievement or success can be realized without real participation of all workers of the bank, we have focused largely on the investment of the human element and the enhancement and development of their abilities and expertise in order to make them more dynamic and flexible on creativity and innovation.
In the context of our total commitment towards supporting national labor, the Kuwaitization reached 62% as at 31 December 2011. While ensuring to continue to adopt the approach of raising this percentage by means of providing tangible contributions to the continuous development of distinctive professional cadres in Kuwait so as to improve the Kuwaiti society and provide opportunities for productive work.
Given the importance of having a professional organizational environment, a specialized international company has recently finished a study to set a system of policies and procedures for the Human Resources Group, and design a scheme for appraising the technical and administrative efficiency in order to develop the staff on advanced model basis, and to prepare a comparison between banks, locally and regionally.
On the other hand, Information Technology Group's team exerted meritorious and concrete efforts, in cooperation with all departments and divisions, in order to implement the Core Banking System which has been selected by a specialized team after considering the most renowned international banking systems. Data Center Network Infrastructure has been built to provide communication channels between the bank and the various relevant external entities in addition to a number of international applications programs to enhance the electronic banking services as well as the completion of Warba bank's website design.
With the beginning of 2012, and in line with the Retail Banking Group's strategy which aims at reaching the largest segment of customers throughout different areas within Kuwait, our teams efforts culminated in the opening of four branches; Hawally, Qibla, Salmiya and Sharq. In addition, each branch has a section for ladies as part of our commitment to serve this important segment of the Kuwaiti society.
Other positive indicators included achieving total returns of KD 3 million for the first fiscal period ending 31 December 2011, which covers 50% of the incorporation and pre-operation expenses. This achievement gives the bank a momentum before starting full operation, launching of branches, and receiving customers; and speeds up the process to cover the full expenses of incorporation and pre-operation expenses very soon. Upon reaching the breakeven point, Warba Bank will start gaining profits, and increasing the share's book and market values.
Such achievement would not have been made without Allah's support, then Warba Bank's keenness on investing the capital in safe and diversified assets with limited risks during the incorporation stage. In addition, Warba Bank has prepared the bank's essential infrastructure, setting the future strategy and action plan; furnishing the bank's headquarters and branches; employing the human resources required for launching the bank; choosing and implementing the latest systems which serve the bank's objectives relevant to providing customers with special and innovative products. It should be noted that such stage requires very high expenses and costs in the newly established entities, especially when it comes to banks.
Warba Bank's total assets stood at KD 121 million; depositors and banks' funds in Warba Bank amounted to KD 22 million as at 31 December 2011. These signs indicate that the bank is on the right track as per the bank's approved strategy and action plan. The developments made during the incorporation stage have started achieving the expected results thanks to the efforts exerted by all staff members at all levels.
In conclusion
I would like to emphasize that we are optimistically and enthusiastically continuing our endeavors as per the approved strategy, aiming at keeping up the fruitful success we started to achieve. In line with the framework of the strategy that has been developed, Warba Bank aims with god's grace at craving its niche among the most prominent banks and financial institutions inside and outside the State of Kuwait during the coming few years, and to be one of the most successful Islamic banks offering services and products to diverse sectors and segments of the society.
It gives me a great pleasure to extend my sincere thanks and gratitude to all concerned official authorities for their help and support of Warba Bank. Also, I would like to thank board members and committee members for their support, In addition we would like to thank Sharia Supervisory Board members for their blessed efforts, and the board of directors also extends their sincere appreciation to all bank staff who spared no effort to achieve the bank's objectives since the beginning of incorporation. I supplicate Allah, the Almighty, to perpetuate the blessing of safety and security on our beloved Kuwait and protect it from all harm under the leadership of HH Amir of the State of Kuwait, Sheikh Sabah Al Ahmad Al Jaber Al Sabah; and his honest Crown Prince, HH Sheikh Nawaf Al Ahmad Al Jaber Al Sabah, may Allah protect and bless both of them.
-Ends-
About Warba Bank
Warba Bank, an Islamic Bank established by virtue of an 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 Shariah compliant services and solutions which are available through the banks three divisions of Retail, Investment and Corporate Banking. Branching out in four strategic locations, Warba Bank has over 150 employees.
For media information, please contact:
YOUSEF K. ALSHALLAL
Marketing & PR Manager
Tel:+965 2 228 8800
Dir:+965 2 228 8855
Fax:+965 2 228 8601
Email: Yousef.Alshallal@warbabank.com
Nadin Al Alami / Stacy Lobo
ASDAA Burson Marstellar
Tel: 00965 22901571/ 2/ 3/ 4/ 5
Fax: 00965 2290157
Email: n.alami@asdaa.com / s.lobo@asdaa.com
© Press Release 2012
