Shaheen Al Ganem, Chief Executive of Warba Bank, one of Kuwait’s leading banks, on Monday rang the market-opening bell to celebrate the listing on Nasdaq Dubai of a $250 million Perpetual Tier 1 Basel III compliant Capital Sukuk.
The sukuk instrument will further strengthen Warba 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 Sharia principles.
“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,” Eisa Kazim, Governor of DIFC, Secretary General of DIEDC and Chairman of DFM, said in a statement.
Warba Bank operates through corporate, retail, treasury and investment business functions, offering a wide variety of innovative banking and investment products and financial services to corporate and retail customers.
As more Kuwaiti companies choose Nasdaq Dubai as a listing venue, 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 $46.31 billion (Dh170 billion) from issuers in the Mena region and beyond. “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,” Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said.