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| Source: Nasdaq Dubai. Celebrating the listing of Warba Bank's sukuk. |
Warba Bank’s sukuk comprises perpetual tier 1 mudarabah capital certificates, non-callable before 14 March 2022, with the initial coupon set at 6.5%. The sukuk listed on Nasdaq Dubai on March 15, 2017.
The sukuk will further strengthen the Kuwaiti bank's capital base and support the bank’s continued growth and development as well as its commitment to Islamic finance. Established in 2010, Warba Bank is expanding its activities in the full range of banking and investment services in Kuwait in compliance with shari’ah principles.
The sukuk reflects the accelerating growth in financial markets ties between the UAE and Kuwait. It also reinforces Nasdaq Dubai’s status as the global leader for sukuk listings, with a total nominal value of US$46.31 billion from issuers in the MENA region and beyond.
The bell-ringing ceremony took place in the presence of HE Essa Kazim, Governor of Dubai International Financial Centre (DIFC), Secretary General of Dubai Islamic Economy Development Centre (DIEDC), and Chairman of Dubai Financial Market (DFM), and senior representatives of Warba Bank, as well as Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai and Hamed Ali, Chief Executive of Nasdaq Dubai.
Al-Ghanem said: “The success of our sukuk in attracting investors from Kuwait, the MENA region and beyond reflects the confidence of the market in Warba Bank’s strategy for growth and development across all our business areas including investment, treasury, corporate banking and retail banking. Nasdaq Dubai’s first-class listing environment, including its close links with regional and global investors as well as its international regulatory standards, provides important support for this capital-raising initiative.”
HE Essa said: “Warba Banks’s choice of Dubai for its sukuk listing further strengthens the collaboration between the capital markets of Kuwait and the UAE, which provides attractive opportunities to issuers and investors as well as supporting wider economic relationships within the GCC. The listing also strengthens the growth of Dubai as the global capital of the Islamic economy under the initiative launched by HH Sheikh Mohammed Bin Rashid Al Maktoum, UAE VP and PM, and ruler of Dubai.”
Al Fahim, Chairman of Nasdaq Dubai, said: “Drawing on our unrivalled network of relationships with regional and international issuers, advisers and investors in the Islamic capital markets, Nasdaq Dubai will expand as a centre for listing sukuk and other Islamic products. We will further streamline and enhance our listing processes to meet the commercial needs of issuers.”
Chief Executive Hamed said: “As one of Kuwait’s and the region’s most active and prominent financial institutions, Al Warba Bank is a very significant addition to Dubai’s sukuk market. We are delighted to support the bank’s expansion across a range of activities by facilitating its capital raising needs and strengthening its links with investors, including through the high visibility that our listing platform provides across the region and internationally. We are in contact with a number of leading Kuwait companies and institutions and look forward to providing them with an effective listing venue that will assist their development strategies.”
Warba Bank operates through corporate, retail, treasury and investment business functions, offering a variety of banking and investment products as well as financial services to corporate and retail customers.