Kuwait-based Warba Bank said it has entered into a renewable agreement with Al-Mulla International Financing Company by which the bank will increase the allocated amount of the acquisition of financing portfolios from Al Mulla International Financing to reach the amount of KD50 million ($163 million).

This agreement reflects Warba Bank’s commitment to provide innovative financing solutions to its clients in line with Islamic Sharia as well as the bank’s strategy of expansion locally and regionally, said a statement from the company.

It is worth noting that this co-operation of Warba Bank and Al Mulla International Finance Company comes as a result of the tremendous success realized by both parties during 2016, when the bank acquired from the company a portfolio in the amount of KD30 million.

Warba Bank CEO Shaheen Hamad Al Ghanem said this agreement represents a good example for companies looking for reliable resources for financing and liquidity, and also reflects the commitment of Warba Bank to offer innovative financing Islamic solutions through its available facilities which will help companies consolidate their assets.

"Such an agreement is a clear indication of Warba Bank’s ability to play an effective role in the development of Islamic economy in Kuwait and globally," he stated.

Khalid Abdul Aziz Al Muraikhi, the deputy chairman and CEO of Al Mulla International Financing Company, said it was proud of such a joint co-operation with Warba for the second time to achieve such significant arrangement which will be in the mutual interest of both parties.

The company has witnessed noticeable growth subsequent to becoming a financing company operating along the principles of Islamic Sharia and licensed by Kuwait central bank in December 2013, he added.-TradeArabia News Service