Kuwait-based Warba Bank, which started its operations during the first quarter of 2012 with the opening of four branches, was launched officially yesterday (May 22).

The launch took place in a ceremony that took place under the patronage and attendance of the Amir Sheikh Sabah Al Ahmed Al Jaber Al Sabah at Salwa Sabah Al Ahmed Ballroom.

The ceremony also witnessed the attendance of Crown Prince Sheikh Nawaf Al-Ahmed Al Jaber Al-Sabah, Parliament Speaker Ahmed Abdulaziz Al Saadoun, Prime Minister Jaber Al Mubarak Al Hamad Al Sabah, as well as several Ministers, Sheikhs and VIP guests.

Warba Bank came into existence with the issuance of an Amiri decree and is registered in the Islamic Banks’ register of the Central Bank of Kuwait since April 5, 2010.

The government, represented by the Kuwait Investment Authority (KIA), owns 24 per cent of the bank’s total capital. The remaining 76 per cent has been granted to the entire Kuwaiti population, with 684 shares per individual, subscribed and paid by the government. The authorized share capital of Warba Bank is KD100 million ($357.55 million).

During the event, narrator and actor Jassim Al Nabhan introduced the audience to the story of the bank’s formation and the stages of its establishment as a Kuwaiti shareholding company.

The bank is marked to be the first of its kind on a worldwide scale since the Kuwaiti government pioneered in establishing a bank for the nationals to meet their economic and financial needs while providing financial stability for the coming generations.

In the first quarter of 2012, Warba Bank successfully opened four branches in Hawalli, Al Qibla, Salmiya, and Sharq, in addition to special segregated branch facilities for ladies, given the importance of this segment.

The openings came in line with the ambitious strategy of the banking group to reach the biggest segment of clients in different areas in Kuwait. The bank also plans to open one more branch before the end of 2012. – TradeArabia News Service