09 Oct, 2019Kuwait’s Warba Bank rings market opening bell to celebrate listing of USD 500 million Sukuk on Nasdaq Dubai

• Ceremony underlines bank’s expansion drive and commitment to Islamic finance

• Listing reinforces Dubai’s role as a leading global listing venue for Sukuk

Shaheen Al-Ghanem, Chief ExecutiveofWarbaBank, one of Kuwait’s leading banks, today rang the market-opening bell to celebrate the listing on Nasdaq Dubai of a 500 million US dollar Sukuk.

The capital raised by the Sukuk supports Warba Bank’s further expansion and development plans across a full range of banking and investment services, as well as its commitment to Sharia’a-compliant financing solutions.

It is the second Sukuk to be listed by Warba Bank on the region’s international financial exchange, following the listing of a 250 million US dollar instrument in March 2017.

Shaheen Al-Ghanem, Chief Executive of Warba Bank,said: "We are delighted to reinforce the strong capital markets links between Kuwait and the UAE through our new listing, including our close relationship with Nasdaq Dubai, which provides our Sukuk with high visibility and links to regional and global investors. The Sukuk successfully attracted investors from the GCC, the wider MENA region and beyond, underlining the confidence of the market in Warba Bank’s dynamic expansion strategy in business sectors including investment, corporate and retail banking."

He added: We anticipate a great success out of listing Warba’s Sukuk on Nasdaq Dubai, which is a first class listing environment, including its international regulatory standards, providing important support for this capital-raising initiative."

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: "Warba Banks’s Sukuk issuance and listing underlines the accelerating growth and development of the Sukuk market as an efficient means of raising capital from a wide range of regional and global investors. The listing strengthens the growth of Dubai as the global capital of the Islamic Economy under the initiative launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minster, and Ruler of Dubai."

Dubai is one of the largest centres in the world for Sukuk listings at 62.35 billion US dollars, from issuers in and outside the MENA region.