Warba Bank has received the Kuwaiti Capital Markets Authority’s (CMA) approval to issue sukuk at a value not exceeding $500 million.
The issuance is part of a sukuk programme at a maximum value of $2 billion, the bank said in a statement to Boursa Kuwait on Sunday. The bank seeks to launch, market, and sell these sukuk in Kuwait, the statement added.
In mid-July, Warba Bank announced obtaining the Central Bank of Kuwait’s (CBK) preliminary approval to issue sukuk at a value not exceeding $500 million.
The bank is looking to increase its total assets to over 3.5 billion Kuwaiti dinars ($11.52 billion) by 2022 from 2.59 billion dinars at the end of the first quarter this year.
Warba Bank’s profits jumped in the first quarter of 2019, with profit attributable to shareholders rising to 3.8 million dinars from 2.9 million dinars a year earlier and operating revenues rising to 14.2 million dinars from 10.9 million dinars.
Warba Bank reported a 17.5% year-on-year increase in its profit for the second quarter of 2019, registering KWD 2.68 million.
Source Zawya