Islamic banking sector growth eyed
KUWAIT CITY, July 12
Warba Bank, Kuwait’s best investment bank and corporate consultancy institution, announced the success of a Shari’ah-compliant, joint, multi-currency, financial deal of $ 236 million with the Ziraat Participation Bank of Turkey. In partnership with a range of other global and regional banks, Warba Bank acted as the Lead Arranger and Subscription Manager of the deal, which was initially launched at $ 160 million. Due to oversubscription, which surpassed the expectations by 1.6 times, the deal was increased so as to reach $ 236 million, with an increase of 52%. Warba Bank’s share of the deal is $ 25 million.
The Murabaha-based financing deal includes both US Dollars and Euros. It will be employed mainly in SME financing and income diversification at the Ziraat Participation Bank of Turkey.
The Bank’s contribution is in support of its dedication to a leading Islamic corporate banking and investment services and in the framework of its plan to enhance its global investment and maintain investors’ confidence.
Shaheen Hamad Al-Ghanem, Warba Bank’s CEO said: “The Bank’s involvement in this deal emphasizes the growth of the Bank’s asset portfolio and serves as a compelling proof of its commitment to extend its growth roots in line with its expansion strategy to support the Islamic banking sector and the economic sector locally, regionally and globally in emerging markets by selecting viable investment opportunities.”
Al-Ghanem also asserted that the Turkish economy is full of opportunities. He added, “The Bank is proud to be entrusted, along with an elite of big regional and global names in the banking industry, with playing a vital role in the promotion of this economy, especially that the Ziraat Participation Bank of Turkey contributes to the financing of the agricultural sector, which is one of the pillars of the rise of the Turkish economy.”
It is worth mentioning that this is the second participation of Warba Bank in arranging a financing transaction for the Ziraat Participation Bank of Turkey. In 2016, it contributed to a $155 million multi-currency co-financing transaction for the said Turkish bank.
Moreover, Warba Bank also participated in that transaction as the Lead Arrangement Manager and Lead Manager of the subscription.
Warba Bank was established by virtue of an Amiri Decree. On April 5, 2010 it was officially registered in the Islamic banking register of the Central Bank of Kuwait. The bank offers a wide range of Shari’ah-compliant services and customized solutions that are available through the four working groups of the bank:
Individual Banking Services, Corporate Banking Services, and Investment and Treasury.
The bank’s branches are spread across 11 strategic locations in Kuwait, and employs more than 350 employees.
© Arab Times 2017
