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1.46 billion dirhams «Warba» Kuwaiti financing in the UAE market

2019-10-09T22:12:08.153Z

Kuwait's Warba Bank said the listing of Sukuk on NASDAQ Dubai last month was due to the fact that it is one of the most important regional and international markets due to the ease of listing and investor interest in the world.


Kuwait's Warba Bank said the listing of Sukuk on Nasdaq Dubai last month was due to the fact that it is one of the most important regional and international markets due to the ease of listing and investor interest in the world. It amounted to more than $ 400 million (about AED 1.46 billion).

The bank yesterday celebrated the listing of its sukuk for the second time in NASDAQ Dubai, after listing $ 250 million in sukuk in March 2017, bringing the total currently listed to $ 62.35 billion.

Through the new listing, the bank seeks to expand and develop the bank's business in the Kuwaiti market, as well as support Shariah-compliant financing solutions.

Kuwait's Warba chief executive, Shaheen Al-Ghanim, said on the sidelines of the celebration yesterday that a $ 500 million Sukuk was listed on the Nasdaq Dubai last month. And the interest of investors in the world.

Al-Ghanim explained that the bank's total financing in the UAE market exceeds $ 400 million through loans granted by the bank or the bank's investment in debt instruments issued by UAE companies.

Alghanim said the bank had no plan to expand outside its home market, noting that its strategy until 2021 was aimed at focusing only on the Kuwaiti market.

`` The new listing by Warba Bank confirms the rapid growth and development of the Sukuk market as an effective means of raising capital from regional and international investors, as well as boosting Dubai's growth as the global capital of the Islamic economy, '' said Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai.

Nasdaq Dubai Chief Executive Hamid Ali said the listing of Warba Sukuk is an addition to the Nasdaq Dubai market, which is poised to receive more Sukuk listings in the Middle East, North Africa and the world.

He added that «the simplified listing process and comprehensive services provided by the exchange after the listing, offers a wide global presence, enabling (NASDAQ Dubai) to support the needs of a group of exporters from the public and private sectors».

Source: emara

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