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Warba Bank today announced that its postponed Extraordinary General Meeting (EGM), held on Sunday 2nd March at 12:30pm at the bank’s headquarters in Arraya Tower, and chaired by Chairman Mr. Hamad Musaed Al Sayer, Chief Executive Officer, Mr. Shaheen Hamad Al-Ghanem, approved a 100% increase in its authorized capital.
The approval raises the capital from KD 218,360,000 (two hundred and eighteen million, three hundred and sixty thousand Kuwaiti dinars), distributed over 2,183,600,000 shares (two billion, one hundred and eighty-three million, six hundred thousand shares), to KD 436,720,000 (four hundred and thirty-six million, seven hundred and twenty thousand Kuwaiti dinars) distributed over 4,367,200,000 shares (four billion, three hundred and sixty-seven million, and two hundred thousand shares).
The postponed EGM also granted the Board of Directors authority to call upon the issued and paid-up capital within the limits of the authorized capital, with the Board of Directors being authorized to determine the amount and methods of the increase, the dates of its call and all its terms and conditions, as well as to determine the issuance premium for the new shares.
Warba Bank Chairman, Mr. Hamad Musaed Al Sayer, stated: "Securing approval from the postponed EGM for our capital increase is a milestone achievement that reflects confidence in Warba Bank’s strategy and vision for sustainable growth. This step is not merely about increasing our asset size; it reaffirms our commitment to delivering added value to shareholders and customers while strengthening our leadership in the Islamic banking sector both locally and regionally. Our expansion enables us to provide advanced, innovative financial solutions that align with customer aspirations and market needs today and tomorrow.”
Al Sayer emphasized that Warba Bank has officially entered a new phase of growth and expansion, reinforcing its strategy to becoming the leading Islamic bank that invests in technology and innovation to achieve financial sustainability and support the national economy in line with Kuwait Vision 2035.
He added: "Warba Bank is the People’s Bank in every sense. Established by an Amiri decree, we remain a fundamental pillar in contributing to Kuwait’s economy. Today, we take pride in being a bank that places Kuwait at the heart of its strategy, ensuring that all profits benefit the country and its people. With the Public Authority for Social Security as one of our main shareholders, Warba’s success is a success for Kuwait and its future generations.”
Al Sayer also said that Warba Bank’s investment strategy, which prioritizes local investments, both in fixed assets and human capital. He noted: "Today, Warba Bank leads among local banks in Kuwaitization, and despite being the youngest Islamic bank in Kuwait, it stands as the most advanced and innovative, with a proven track record in digital banking transformation.”
The capital increase will strengthen Warba Bank’s regulatory base and provide the necessary liquidity to support its next expansion phase and achieve strategic growth objectives. This move will enable the bank to continue investing in digital banking solutions and Islamic financial products.
Warba Bank reaffirmed that the capital increase and ownership transfer process will be conducted in accordance with the highest standards of transparency and compliance, ensuring full regulatory approvals and timely updates as required by applicable regulations.
