KUWAIT: Warba Bank, the fastest-growing Bank in Kuwait which offers a range of banking and investment services compatible with Islamic Sharia on local and international level, won two annual awards from the magazine “Islamic Finance News” (IFN).
The first prize is the “Best 2015 structural funding” which resulted from the acquisition of a portfolio with Al Mulla global company of a deal totaling KD20 million, equivalent of $66 million. The deal reflected the extraordinary commitment of the Bank to providing innovative financial solutions and compatible with the provisions of the Islamic Sharia as studies met with strategic expansion plan approved by the World Bank at the local and regional levels.
The second prize earned by Warba Bank is the “Best Deal in Kuwait for 2015”, for its participation along with other local, regional and int’l banks and financing institutes, in the huge financing deal for the National Industries Group with the value of KD 105 million for a 3 years’ period.
Through an intensive evaluation process according to a set of principles and financial indicators; Warba Bank has been selected for the second prize by IFN’s judging panel that groups a number of experts in the Islamic banking industry. IFN is a well renown institution in the Islamic banking industry which publishes various studies and article around the banking sector.
Shaheen Al-Ghanim, Executive Vice President for Treasury and Investment at Warba Bank commented about the award saying, “As a Bank, we are honored to have two valuable awards for the year 2015 despite the fact that the bank is relatively new. This proofs the bank’s effectiveness of growth and expansion strategy, which supports our efforts in cooperation with local companies in various sectors consisting Islamic Sharia principles as part of our communication with our customers/partners in order to succeed. Our efforts to meet the financing needs and then develop them will always rank as prime to us”.
Al-Ghanim assured that the Bank’s operations performed last year, granted the bank a leading position in the Islamic banking sector in Kuwait; Warba bank keens to play a key role in supporting the local economy and local companies while simultaneously providing topnotch products compliant with Islamic Shariah.
Warba Bank’s activities and achievements spread locally, but are also reaching international horizons. Whereas, Warba Bank lately acquired a leasing portfolio of equipment from ATEL Capital Group, which is an independent equipment leasing company in the USA, to become the first Kuwaiti establishment investing in this Group with a total value of 25 million dollars.
This acquisition is in line with the Bank’s strategy and portfolio in attracting investment, and seize opportunities to comply with the provisions of the Islamic Sharia in regional and global markets, while diversifying the Bank’s asset base on a global scale. As part of the deal, Warba bank investment reached initially 8.2 million dollars in a diversified portfolio of operating leases for equipment of high quality, limited technology and a long operational life to perform difficult tasks, which is leased to the companies at the United States.
Worth to mention that Warba bank was granted Baa2 rating from Moody’s in 2015 with a stable vision Since its inception in 2010 in the Kuwaiti market, Warba Bank has been enriching the Islamic banking industry with different type of products and services that were catalysts to boost the sector. The Bank doesn’t hesitate to explore feasible investment’s opportunities both in the local or global market in order to diversify options for its customers in accordance of Islamic Sharia. Based on this criteria, the bank is qualified to harvest more regional and global awards in the near future.