Warba Bank receives approval for USD 750M Sukuk offering from Capital Markets Authority

(MENAFN) Warba Bank of Kuwait has received approval from the Capital Markets Authority for the private placement prospectus of sukuk bonds valued at up to USD750 million. The bank, operating in accordance with Islamic Sharia principles, announced this development in a statement to Boursa Kuwait on Wednesday. These sukuk issuances are part of the bank's program to issue sukuk bonds totaling up to two billion dollars or equivalent amounts in other currencies.

Warba Bank's financial performance has shown positive growth, with profits increasing during the first three months of the current year ending on March 31, 2024. The bank reported net profits of 4.7 million dinars (USD15.25 million), translating to earnings per share of 2.17 fils, compared to profits of 4.3 million dinars and earnings per share of 1.97 fils during the same period in 2023, marking a growth rate of 10.3 percent.

Additionally, all key financial indicators of the bank have witnessed an upward trajectory and significant growth. The total equity of the bank's shareholders stood at 318.8 million dinars as of the end of March 2024, compared to 315.4 million dinars at the end of the previous year, 2023. These results underscore Warba Bank's strong financial position and its ongoing efforts to expand its presence and offerings in the Islamic finance market. 

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