DUBAI, 20th March, 2017 (WAM) -- Shaheen Al-Ghanem, Chief Executive of Warba Bank, one of Kuwait’s leading banks, today rang the market-opening bell to celebrate the listing on Nasdaq Dubai of a US$250 million Perpetual Tier 1 Basel III compliant Capital Sukuk, Islamic bond.
The ceremony took place in the presence of Essa Kazim, Governor of Dubai International Financial Centre, DIFC, Secretary-General of Dubai Islamic Economy Development Centre, DIEDC, and Chairman of Dubai Financial Market, DFM, and senior representatives of Warba Bank, as well as Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai and Hamed Ali, Chief Executive of Nasdaq Dubai. Al-Ghanem said, "The success of our Sukuk in attracting investors from Kuwait, the MENA region and beyond, reflects the confidence of the market in Warba Bank’s strategy for growth and development across all our business areas including investment, treasury, corporate banking and retail banking. Nasdaq Dubai’s first class listing environment, including its close links with regional and global investors as well as its international regulatory standards, provides important support for this capital-raising initiative." Essa Kazim said, "Warba Banks’s choice of Dubai for its Sukuk listing further strengthens the collaboration between the capital markets of Kuwait and the UAE, which provides attractive opportunities to issuers and investors as well as supporting wider economic relationships within the GCC. The listing also strengthens the growth of Dubai as the global capital of the Islamic Economy under the initiative launched by Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum." Warba Bank’s Sukuk comprises Perpetual Tier 1 Mudaraba Capital Certificates, non-callable before 14th March, 2022, with the initial coupon set at 6.50 percent. The Sukuk was listed on Nasdaq Dubai on 15th March, 2017. Al Fahim said, "Drawing on our unrivalled network of relationships with regional and international issuers, advisers and investors in the Islamic capital markets, Nasdaq Dubai will expand as a centre for listing Sukuk and other Islamic products. We will further streamline and enhance our listing processes to meet the commercial needs of issuers." Hamed Ali said, "As one of Kuwait’s and the region’s most active and prominent financial institutions, Al Warba Bank is a very significant addition to Dubai’s Sukuk market. We are delighted to support the bank’s expansion across a range of activities by facilitating its capital raising needs and strengthening its links with investors, including through the high visibility that our listing platform provides across the region and internationally. We are in contact with a number of leading Kuwait companies and institutions and look forward to providing them with an effective listing venue that will assist their development strategies."
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