Khaleeji Commercial Bank issues $159mln sukuk

The transaction will significantly strengthen the lender’s financial position

  
Image used for illustrative purpose. Close-Up Of Rosary Beads With Coins And Text Blocks In Wooden Box On White Background.

Image used for illustrative purpose. Close-Up Of Rosary Beads With Coins And Text Blocks In Wooden Box On White Background.

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Dubai - Khaleeji Commercial Bank has successfully issued Sukuk worth $159 million, subject to approvals from regulatory authorities and the extraordinary general meeting (EGM).

Shareholders supported the bank to issue Additional Tier 1 (AT1) Capital Sukuk of up to $200 million in a bid to support the lender’s capital base, according to a bourse filing on Monday.

This move will significantly strengthen the lender’s financial position and empower it to enter into new strategic partnerships and promising projects that will establish a foundation to achieve growth by reducing financing costs, enhancing the capital adequacy, and investing in the development of the bank’s electronic channels and the quality of services provided to customers.

Khaleeji Commercial Bank is a subsidiary of Bahrain’s GFH Financial Group listed on Bahrain Bourse (BHB), Boursa Kuwait, and the Dubai Financial Market (DFM).

Source: Mubasher

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