Alghanem:

  • We are proud of the rating affirmation of the Bank, despite the current conditions in the global financial sector
  • Fitch’s praises the Bank's management, efficiency, business model and success in seizing investment opportunities

Kuwait: Fitch Ratings affirmed Warba Bank’s credit rating with a stable outlook on Long-Term Issuer Default Rating (IDRs) which is in line with its Support Rating Floor (SRF) of A+ which reflect the high credit quality and low risk of default.

For Viability Rating “VR”, Fitch rated Warba Bank at (BB-) which reflects the increasing market share (4.4%) in terms of assets by the end of the first half of the financial year 2019. Fitch Report appraised the Bank’s efficient and professional management team and business model adopted by the bank targeting the corporate sector and seize opportunities in the real-estate sector, which in return supported market share growth.

Fitch report underlines that Warba Bank has successfully issued a USD250 million perpetual Tier 1 sukuk in March 2017 and Capital Increase of a KWD90 million rights issue in 2018 to boost its total capital adequacy ratio.

The report stated that the Bank's financing portfolio mostly goes to corporate and that the  the Bank’s main depositors are governmental and semi-governmental entities in addition to some of the largest stable companies, which reflects positively on the risk profile and the ability to keep it contained   by the experienced management team leading the Bank.

Commenting on the ratings affirmation, Mr. Shaheen Hamad Alghanem – Warb Bank’s CEO- said: “the Bank is proud that Fitch affirms the Bank’s rating at A+ despite the conditions and challenges facing the global financial sector. Warba Bank – despite its young age- has become champion in the Islamic Banking Sector capable of accomplishing several achievements in the Kuwaiti banking sector. This  clearly underlines our successful  strategy through which we aim to present creative Islamic banking services & products according to international standards giving customers exciting banking experience; developing our financing portfolio and expanding our business geographically,  -seizing lucrative investment opportunities; and keeping pace with the current trend of the  digital banking operations especially the customers daily financial deals”.

He added: “Since its inception, Warba Bank has been keen to stand out amongst competitors. The Bank has been able in a short period of time to gain customer’s trust – locally and globally- due to our out-of-the-box banking products and services that met their expectations and needs. This also led to establishing our own digital factory “Al Wateen” which will serve as the crucible base from which all our digital services and products will be launched to enable us provide our customers with fast, flexible, accessible, time and energy -saving banking experience “.

Alghanem stressed that the Bank is proceeding and pursuing the Bank’s promising plan to steer more achievements and expansion on domestic, regional and international levels. He said that the Bank strategy embeds further diversifications in its investment portfolio, out of which Warba aims at offering customers the best investment and banking options in compliance with Islamic Sharia.

-Ends-

© Press Release 2019

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.