28 Dec, 2021Warba Bank rings market opening bell to celebrate the listing of its US$ 250 million Tier-1 Sukuk on Nasdaq Dubai

Shaheen H. Al-Ghanem, CEO of Warba Bank, a leading Kuwaiti Islamic Bank, today rang the market-opening bell to celebrate the listing of the Bank’s US$ 250 million perpetual Tier-1 Sukuk on Nasdaq Dubai, in the presence of Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM).

This is the third Sukuk listing by Warba Bank on Nasdaq Dubai, following the listing of a US$ 250 million and a US$ 500 million instrument in March 2017 and October 2019 respectively. The latest issuance was priced at 4% and oversubscribed by 4.4 times.

This new listing brings the total outstanding value of the Bank’s Sukuk on the exchange to US$ 898 million and strengthens Dubai capital markets’ status amongst the leading Sukuk listing venues globally with a total value of US$ 79.4 billion.

Shaheen H. Al-Ghanem, CEO of Warba Bank, said: "Our latest Sukuk issuance witnessed significant success in attracting regional and international investors and is a clear testament on their confidence in Warba Bank’s expansion strategy in various business activities such as investment, treasury, corporate and retail banking. We are delighted to list this issuance on Nasdaq Dubai, leveraging on its world-class regulations, infrastructure and services that provide our Sukuk with a strong presence and links with regional and global investors. The listing also further strengthens the ties between the capital markets of Kuwait and the UAE."

Hamed Ali, CEO of Nasdaq Dubai and DFM added “Nasdaq Dubai is pleased to welcome the new Sukuk issuance from Warba Bank as part of its active role to support leading issuers from the UAE and beyond. The constant listings from leading regional and international financial institutions, such as Warba Bank, underscore their confidence in Nasdaq Dubai’s regulatory framework and its support infrastructure. We are committed to further expanding our services in line with the requirements of issuers and investors as well as to drive Dubai’s leading status as one of the largest global Sukuk listing centers to new heights."

This issuance of Warba Bank’s Sukuk was listed on Nasdaq Dubai on 29 November 2021.