Kuwait: Kuwait International Bank’s (KIB) deals and issuances continue to stand out within the region’s Islamic finance sector, cementing themselves as success stories and earning the Bank a slew of prestigious recognitions and accolades in the process. Accordingly, KIB announced that it had received two awards from the Asset Magazine, as part of the Magazine’s ‘The Asset Triple A Islamic Finance Awards’ program: the "Best Bank Capital Sukuk" award, for its issuance of USD 300 million in Tier 2 sukuk, and the “Best Bank Sukuk” award for its participation as a Joint Lead Manager in Boubyan Bank’s USD 750 million sukuk issuance.
The Asset Magazine’s Triple A awards is considered one of the world’s largest award programs that recognize banks and institutions involved in Islamic finance. Each year, it awards the best banks and institutions for their participation in the most important financial transactions in the sector. KIB’s wins followed a nomination based on various criteria and a series of evaluations, including: the significance of the deal; its impact on further developing the Islamic capital markets; innovation factors; and the response from the market and investors. It also serves to note that KIB had previously nabbed two awards in The Asset Triple A Islamic Finance Awards 2019 program, namely the “Best Bank Capital Sukuk in Kuwait” award and the “Best Bank Capital Sukuk in Qatar” award.
Speaking about these latest awards, Jamal Al-Barrak, General Manager of the Investment Department at KIB said: “We are immensely proud and pleased to see our deals and transactions continue to receive recognition, not only in Kuwait and the region, but on a global scale. This only serves to drive us further and push us towards greater innovation and expansion when it comes to investment solutions and deals. In fact, we continue to be focused on playing an active and positive part in driving sustainable growth and innovation-driven development in the Islamic investment sector, both in Kuwait and across the region.”
Al-Barrak further explained that amongst the reasons for KIB receiving the “Best Bank Capital Sukuk of the Year” for its sukuk issuance was the fact that it was the first-ever Basel III-complaint US dollar-denominated Tier 2 sukuk to come out of Kuwait. Moreover, the judging panel noted that the transaction achieved an optimum yield on a Tier 2 issuance from the Middle East, with a low coupon of 2.375%, and the deal generated a strong investor demand on the back of scarcity of sukuk issuances from financial institutions, resulting in an oversubscription rate of nine times.
Al-Barrak concluded by saying, “The international recognition these transactions have received from prominent international platforms – such as Islamic Finance News (IFN) and Asian Banking and Finance (ABF) – serves as a clear indicator of KIB’s success in this area and the soundness of its investment diversification and expansion strategies. All this only further affirms our position as a competitive player within the regional capital market.”
It is also worth mentioning that The Asset magazine first launched the Triple A Islamic Finance Awards program in 2001. Over the past 20+ years, it has honored the best banks and institutions providing Islamic banking and finance services. The program has also sought to recognize and honor individuals and organizations that contribute to the further development of the Islamic finance industry, with an increased focus on sustainable financing and investment.
© Press Release 2021