Kuwait's Warba Bank receives regulatory approval for $486mln Sukuk

The issuance is part of a Sukuk programme at a maximum value of $2bln

  
Image used for illustrative purpose.

Image used for illustrative purpose.

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Kuwait  - Warba Bank has received approval from the Central Bank of Kuwait and the Capital Markets Authority (CMA) for the second issuance of Sukuk at a value not exceeding KWD 150 million.

The issuance is part of a Sukuk programme at a maximum value of $2 billion or its equivalent in other currencies, the bank said in a statement to Boursa Kuwait on Wednesday.

The deal will have a significant impact on the lender’s financial position, by “enhancing the bank’s liquidity and diversifying funding sources as well as the bank’s general commercial purposes.”

It is noteworthy to mention that in 2019, Warba Bank achieved net profits of KWD 16.5 million, up from KWD 12.74 million in 2018.

Source: Mubasher

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