Search
Clear
Search
Warba Bank announced the success of issuing sukuks worth USD 500 million, assuring its sustainability practices and significantly strengthens its financial position. This strategic decision reflects the strength of the Bank’s credit position and confirms its commitment to achieving remunerative and sustainable returns for investors. The issuance received an exceptional turnout, as Investors' orders amounted to USD 1.8 billion, equivalent to almost four times the issue size.
In this regard, Mr. Shaheen Hamad Al-Ghanem, CEO of Warba Bank, said: “Issuing these sukuk represents an important strategic step in strengthening our financial framework. It is in line with our strategic initiatives to enhance financial flexibility and supports our ongoing efforts to improve the liquidity structure and enhance our ability to confront financial challenges. This issuance also reflects the great confidence placed by investors in our ability to fulfill our financial obligations, which enhances the strength of our financial position and confirms our leadership in good governance practices. This is the first sustainable sukuk to be issued in Kuwait.
Al-Ghanem added: “We are proud that this issuance is consistent with the foundations of sustainability, which reflects our deep commitment to our banking responsibility and our integrated strategy applying sustainability standards in our banking operations.” He stressed that "This approach not only attracts a broader base of investors; it also sets a standard for future financial instruments in the region, and drives innovation in financial markets."
Al-Ghanem continued, saying: “The issuance of these sukuk represents an important stage in Warba Bank’s journey in the field of sustainability, as it is one of the leading banks compatible with the provisions of Islamic Sharia in Kuwait."
Al-Ghanem stated that the Bank has always adopted sustainability as a fundamental strategic pillar, in addition to providing best distinguished banking experiences and solutions for clients.This also contributes to the efforts made by Warba Bank in the field of sustainability. Pointing out that this issuance proves our commitment to providing customized and innovative financial solutions related to environmental and social governance that will lead the global transformation towards a sustainable economy. Through this issuance the Bank also aims to become one of the leading banks in Kuwait in the field of sustainable finance.
The funds raised through this issuance will be allocated to finance or refinance projects that are consistent with Warba Bank’s sustainability framework, which includes initiatives focused on renewable energy, sustainable water management, and community development projects that meet standards supporting environmental, social and institutional governance.
This issuance also supports Basel liquidity requirements, which enhances the Bank’s liquidity flexibility, makes it stronger and more efficient in meeting the needs of our clients and enhancing our ability to grow sustainably.
Warba Bank is one of the banks that has achieved great successes in a short period, as it occupied a leadership position in the field of Islamic digital banking services for individuals, and it is one of the largest local banks in the number of shareholders, and these are among the most prominent components that make the Bank close to all members of society.
