WarbaBank

Warba Bank, as the leading bank and financing agent, announced signing a joint Murabaha facility agreement of USD 60 million in favor of the Turkish Vakıf Katılım Bank, along with all of Masraf Al Rayan, Kuveyt Turk and Sharjah Islamic Bank.

This announcement was made after completing the financing package and the completion of all financing contracts and documents, which indicates the ability of Warba Bank to open new markets and attract new clients, whether governments, financial institutions or investment funds.

On this occasion, Chief Investment Banking Officer at Warba Bank, Thuwaini Khaled Al-Thuwaini stated that “Vakif Katilim” Bank will use the financing for general purposes of the bank, explaining that Warba Bank’s leadership of this financing supports its strategy to preserve its leading position in the Islamic corporate banking services, and investment services, as well as its program to promote international financing and maintain clients' confidence,

Vakif Katilim Bank is one of the latest shareholding banks in the Republic of Turkey that operates in accordance with the principles of Islamic Sharia. The Bank is considered as one of the pillars of the Waqk General Directorate in Turkey, the main owner of the bank.

Al-Thuwaini praised the role of Warba Bank, saying: “We are pleased Warba Bankwas chosen as the main leader and agent for financing of the joint Murabaha facility agreement of Vakif Katilim Bank, as proved our ability to arrange effective financing from geographically diverse sources including Kuwait, Qatar, United Arab Emirates and the Republic of Turkey, and meeting client’s needs of USD liquidity. Warba Bank is also proud to be leading along with well recognized regional and international banking names to play a vital role in strengthening Turkish economy".

Al-Thuwaini explained that signing the agreement at this time represents a testimony to Kuwaiti banks, and a proof of their ability to finance the plans of banks and major companies, noting that this financing comes at a time when Warba Bank is witnessing important transformations and developments that ranked it among the leading banks in Kuwait. Stressing that the Bank is always supporting and financing banks, institutions and companies with clear visions and strategies.

"Warba Bank is able to provide suitable financing solutions for its clients from financial institutions and major local and regional companies, through a structure identical to its clients' needs prepared by Warba Bank's professionals, as well as exploiting the relations of Warba Bank with regional Islamic banks in favor of its clients inside and outside Kuwait", added Al-Thuwaini.

He also said that the demand for Islamic financial transactions has grown, including Murabaha, which proved during the last few years its ability as an Islamic financial product or service to finance major projects, in addition to its support for operational companies in their expansion projects.

Al-Thuwaini stated that Warba's leadership in this financing is a indicates the growth of the Bank's asset portfolio, and an evidence of its commitment to extending its growth according to its expansion strategy that aims to support the Islamic banking sector and the economic sector locally, regionally and globally in emerging markets, through selecting feasible investment opportunities, especially that the Turkish economy is full of opportunities.

It's worth noting that this is not the first time that Warba Bank has financed Turkish banks, especially the Vakif Katilim Bank, as it first led the bank's bi-currency joint financing deal in 2018 with USD 246 million. The Bank also acted as the lead arrangement manager in three bi-currency joint financing for the Turkish Agricultural Partnership Bank in 2016, 2017 and 2019 totaling USD 641 million.