KUWAIT, Feb 28 (KUNA) -- Kuwait's Warba Bank announced Tuesday launching a marketing campaign this week for sukuk to be issued with a total value of USD 250 million.
Warba Bank's CEO Shaheen Hamad Al-Ghanim said in a press release that the campaign targets investors in Kuwait and Gulf Cooperation Council (GCC) countries, in addition to global stock markets in Europe and East Asia.
He added that the marketing campaign is largely expected to be successful in attracting funds from global market, and that based on positive responses from investors.
Al-Ghanim further noted that the IPO in Warba Bank's sukuks is considered a good opportunity for investment, and that stemming from what the bank has achieved in the past six years and the positive growth rates in assets and deposits, in addition to its increased profits. These sukuks will be listed in the Irish stock market and Nasdaq Dubai, he added.
Al-Ghanim explained that the bank signed a deal with an international advisor to a new strategy for 2021, which is based on improving the bank's operations in the corporate and investment sectors, and further enhancing the quality of assets, diversifying sources of income and achieving a stable income based on the bank's main banking activity.
He noted that Warba Bank has previously obtained approvals form the Central Bank of Kuwait and Capital Market Authority, while the General Assembly has also authorized the board of directors to issue sukuks and other financing contract-based tools that go in line with the Islamic sharia and requirements of the capital standard for Islamic banks (Basel 3). (end)