Shaheen Al-Ghanem, chief executive of Warba Bank, one of Kuwait’s leading banks, today rang the market-opening bell to celebrate the listing on Nasdaq Dubai of a $250 million Perpetual Tier 1 Basel III compliant capital sukuk.

The sukuk instrument will further strengthen Warba Bank’s capital base and support the bank’s continued growth and development as well as its commitment to Islamic finance, said a statement

Established in 2010, Warba Bank is expanding its activities in the full range of banking and investment services in Kuwait in compliance with Sharia’a principles.

Warba Bank operates through corporate, retail, treasury and investment business functions, offering a wide variety of innovative banking and investment products and financial services to corporate and retail customers.
 
As more Kuwaiti companies choose Nasdaq Dubai as a listing venue, the sukuk reflects the accelerating growth in financial markets ties between the UAE and Kuwait. It also reinforces Nasdaq Dubai’s status as the global leader for sukuk listings, with a total nominal value of $46.31 billion from issuers in the Mena region and beyond, it said.

The bell-ringing ceremony took place in the presence of Essa Kazim, Governor of Dubai International Financial Centre (DIFC), Secretary General of Dubai Islamic Economy Development Centre (DIEDC), and Chairman of Dubai Financial Market (DFM), and senior representatives of Warba Bank, as well as Abdul Wahed Al Fahim, chairman of Nasdaq Dubai, and Hamed Ali, chief executive of Nasdaq Dubai.   –TradeArabia News Service