KUWAIT, Oct 4 (KUNA) -- Warba Bank announced Wednesday that it will be partaking in a USD 1.25 billion five-year joint venture with the Jeddah-based Islamic Development Bank (IDB).
Warba Bank said that subscription for the deal had attracted regional and international financial institutes, adding that the amount of issued bonds have reached over 136 percent, around USD 1.7 billion.
The bank indicated that Warba would reap around 2.6 percent of annual income due to the deal.
The IDB had issued around 53 percent of the bonds to investors from the Middle East and North Africa (MENA) region as well as Europe while 47 percent of the bonds target investors from Asia.
Warba bank, an Islamic bank, was established in April of 2010 in accordance with an Amiri decree. (end)