Kuwait:

Warba Bank stated that it has successfully participated, along with a consortium of regional and international banks, as initial lead arranger and book runner of a one- year USD 250 million syndicated dual currency Murabaha financing facility for Ziraat Participation Bank; the facility was successfully oversubscribed in April 2019.

Initially, the facility was launched at US$ 150 million, but due to the significant oversubscription by 17 regional and international participants, Ziraat Participation Bank increased the facility size to US$ 250 million (equivalent).

The Facility was structured as a Sharia -compliant commodity Murabaha facility and has given Ziraat Participation Bank the opportunity to widen and diversify its funding base and develop new banking relationships. The proceeds will be used to expand its financing business in Turkey.

Acting Chief Investment Officer at Warba Bank, Mr. Thuwaini Khaled Al -Thuwaini, said: “Warba Bank is committed to its expansion strategy which aims at supporting the Islamic Financing as well as the business sector locally, regionally and globally by carefully selecting best investment opportunities in line with the rules of Islamic Sharia”.

“The Turkish economy is full of opportunities, therefore Warba Bank is proud to participate alongside regional and global leading banks to play a vital role in promoting this economy, whereas Ziraat Participation Bank contributes to the financing of the agricultural sector, which is one of the pillars of the Turkish economy”, he added.

Al-Thuwaini stressed that Warba Bank participation in such financing facilities is part of its strategic plan to expand its financing operations, particularly following the Bank’s share capital increase last year, by financing major projects in key economic sectors in Kuwait and overseas.

 It is worth mentioning that this is Warba Bank’s third participation in financing deals for the Turkish Ziraat Participation Bank. In 2017, it contributed to a multi-currency syndicated financing facility amounting $ 236 million while in 2016, it contributed to a $ 155 million multi-currency syndicated financing facility for the same Bank.

-Ends-

© Press Release 2019

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