Kuwait Times

Islamic banks brace to re-engineer itself to address customer needs in digital era

The World Islamic Banking Conference (WIBC) is taking place on December 4th, 5th and 6th, in the kingdom of Bahrain. The theme for WIBC 2017 is Drivers of Economic Growth & Risks: Policymakers & Regulators. WIBC is expected to draw participation from over 1,300 global industry leaders, policy makers, innovators and stakeholders, all focused on navigating through the complexities of the global financial system. CEO of Path Solutions, Mohammed Kateeb, said the Islamic finance industry was going through drastic changes as a consequence of evolving customer behavior, channel proliferation and the digitization of operations. He underlined the importance of recognizing common challenges and opportunities facing the industry at large.

Warba Bank heads towards innovation breakthrough in Islamic banking sector

#Kuwait's Warba Bank announced its financial results for the first nine months of 2017. Net profits increased by 442% reaching KD 4.752 m compared to KD 877 K for the same period last year. The increase in the Bank’s total revenues was driven by strong performance of all business units. The total revenues reached KD 42.66 million at an increase of 63% compared to the first nine months of 2016. Moreover, the operating revenues increased by 70%, amounting to KD 26.800 million by the end of September 2017 compared to KD 15.741 million for the same period of 2016. Warba Bank's CEO Shaheen Hamad Al-Ghanem said that the Bank has successfully accomplished a number of deals most notably a strategic financing deal in the aviation sector in Kuwait. Warba Bank also participated in Sharia -complaint co-financing for the Ziraat Participation Bank of Turkey amounting $236 million. The Bank also participated in arranging the $400 million Sukuk issuance of the Dubai-based Miraas Holding for Real Estate Development.

Ahli United Bank $200 million Perpetual Additional Tier 1 #Sukuk oversubscribed

Ahli United Bank (AUB) has concluded the subscription of its issue of a $200 Million Perpetual Additional Tier 1 Sukuk. The Bank’s Chairman, Anwar Al Mudhaf, expressed his appreciation to the Central Bank of Kuwait and the Capital Markets Authority, to the many investors both in Kuwait and abroad and to the Bank’s team. CEO Richard Groves said the sukuk had been oversubscribed by over three times more than the targeted amount. This was achieved in less than one week from the date of the announcement, with a roadshow covering meetings in Asia, the Middle East and Europe. The Perpetual Additional Tier 1 capital issue Sukuk is issued in compliance with the requirements of Basel III, the regulations of the Central Bank of Kuwait as well as in compliance with the regulations of the Capital Markets Authority.

Boubyan Bank’s #sukuk issuance oversubscribed, reaches $1.3bn

Boubyan Bank’s CEO Adel Abdul Wahab Al-Majed said the bank succeeded in covering its capital enhancement sukuk which was oversubscribed by more than 5 times the targeted amount, reaching US$ 1.3 bn. This was achieved during a marketing period of two weeks from the date of obtaining the regulatory approvals from the Capital Markets Authority and the Central Bank of Kuwait. Boubyan Bank issued US$ 250 million sukuk, priced at 100%, which will bear profit at a rate of 6.75%.

Warba Bank acquires equipment leasing portfolio in United States

Kuwait's Warba Bank has announced the acquisition of equipment leasing portfolio managed by ATEL Capital Group, an independent equipment lessor based in the United States of America. As part of the transaction, the Bank has initially invested US$8.2 million in a diversified portfolio of Operating leases comprising of high-quality low-tech low-obsolescence mission-critical equipment leased to investment grade corporations in United States. Established in San Francisco, California, in 1977, ATEL has originated and managed over $2 billion of equipment leased to primarily investment grade US corporations. Over the last three decades, ATEL has built a reputation as one of the largest independent equipment leasing enterprises in the United States.

Kuwait hosts Islamic Financing Conference – In cooperation with International Monetary Fund

Kuwait will host the World Islamic Financing Conference, organized by Kuwait Central Bank (CBK) and the International Monetary Fund, with the participation of the IMF Center for Financing and Economy in the Middle East and Thomson Reuters as strategic partner for knowledge.
The conference will be held on November 11, 2015 under the patronage of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah. This announcement was made by CBK Governor Mohammad Al-Hashel and said the conference will see high ranking international attendance of decision makers headed by Christine Lagarde, Director General of IMF and senior IMF employers and experts around the world.
Several finance ministers, Central Bank Governors, their deputies and representatives in many countries are expected to attend the event. There will also be presence of International Economic Establishments that belong to the United Nations and Regional Organizations in addition to experts and academics.

Major role for corporations to help labor force in Gulf

A three-day regional symposium dedicated to the role of corporations in promoting social responsibility towards labor in the countries of the Gulf region was inaugurated on January 8th at the UN House in Misref. The event was organized by the International Organization for Migration (IOM) in partnership with the Ministry of Awqaf and the Embassy of The Netherlands. The symposium was of significant importance for the GCC countries because it will benefit not only the corporations or company’s CSR but in particular the citizens and expatriate laborers.

Islamic finance bodies have $5tn potential: Moodys

Islamic financial bodies, which adhere to religious proscriptions against interest, have a market potential of at least $5.0 trillion, Moody's Investors Service said yesterday.

KFH low exposure to Saad Group

Kuwait Finance House, has minimal exposure to two troubled Saudi firms, belwo 0.1 % of the total credit portfolio, according to Emad Yousef Al-Monayea, Managing Director of Kuwait Finance's subsidiary, Liquidity House.

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