The Kuwait International Bank is considering the possibility of selling $2 billion in sukuk in order to improve liquidity, the Al Rai newspaper cited the lender’s Chief Executive Officer Raed Bukhamseen as saying on Monday.
Bukhamseen revealed that the executive management is considering the possibility of KIB issuing a new sukuk program after obtaining regulatory approvals, in an effort by the Bank to enhance its liquidity levels, in line with its strategic plan to raise its ability to meet high funding requests.
Previously in May, Kuwait’s Capital Markets Authority (CMA) has approved Kuwait International Bank’s request to issue up to $300 million perpetual additional tier 1 capital securities.
In a bourse filing, KIB said that the subscription will be limited to professional clients under the relevant regulatory instruction.
Source Reuters