Warba Bank

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.

IDB auctions $1.25 billion five year #Sukuk

Warba Bank participated in the launch of the Islamic Development Bank’s (IDB) most recent Sukuk issuance. The IDB has issued a five-year $1.25 billion Sukuk at an annual return of 2.661%. In terms of the final allocation, 53% of the issue size has been allocated to investors in EMEA, while 47% has been allocated to Asia. 57% of the issue size has been allocated to central banks and official agencies, while 43% has been allocated to banks and fund managers. Shaheen Hamad Al Ghanim, CEO of Warba Bank, said he was proud to participate in IDB's latest issuance, which came in addition to the Bank’s launch of its $250 million Sukuk earlier this year. That has been a key factor in making the bank the first option to manage Sukuk issuances. Al-Ghanim pointed out that Warba Bank would continue its strategy and explore investment opportunities in the regional and international markets that yield maximum returns.

#Kuwait's Warba Bank part of IDB's USD 1.2 billion venture

Warba Bank announced that it will be partaking in a USD 1.25 billion five-year joint venture with the Islamic Development Bank (IDB). Warba Bank said that subscription for the deal had attracted regional and international financial institutions. The amount of issued bonds reached over 136%, around USD 1.7 billion. Warba Bank indicated that it would reap around 2.6% of annual income due to the deal. The IDB issued around 53% of the bonds to investors from the MENA region and Europe, while 47% of the bonds target investors from Asia.

Warba Bank ‘signs’ financial deal with #Turkey’s Ziraat Bank – Islamic banking sector growth eyed

#Kuwait’s Warba Bank announced a new Shari’ah-compliant, joint, multi-currency financial deal of $236 million with the Ziraat Participation Bank of Turkey. Warba Bank acted as the Lead Arranger and Subscription Manager of the deal, which was initially launched at $160 million. Due to oversubscription, the deal was increased so as to reach $ 236 million, with an increase of 52%. The Murabaha-based financing deal includes both US Dollars and Euros. It will be employed mainly in SME financing and income diversification at Ziraat Bank. Shaheen Hamad Al-Ghanem, Warba Bank’s CEO said the Bank was proud to be entrusted and to contribute to the financing of the agricultural sector, which is one of the pillars of the rise of the Turkish economy. This is the second participation of Warba Bank in arranging a financing transaction for the Ziraat Participation Bank of Turkey. In 2016, it contributed to a $155 million multi-currency co-financing transaction for the Turkish bank.

#Dubai: #Meraas Holding has #issued $400 million #sukuk –sources

Meraas Holding, a real estate developer in Dubai owned by the UEA government, issued a $400 million sukuk last week. It was sold privately to a select group of investors, according to sources. The Islamic bond has a five-year maturity and is at par with a 5.112 % yield on May the 26th and traded at one to 1.5 points above par shortly after that. Emirates NBD, Noor Bank and Standard Chartered jointly coordinated the transaction and served as bookrunners along with Dubai Islamic Bank, Sharjah Islamic Bank and Warba Bank.
Meraas is the parent company of the leisure and entertainment company DXB Entertainment, which owns 4 theme parks and a water park in UAE capital. It has been said, that a new entity has been set up which will manage billions of dollars of development projects for Meraas Holding and Dubai Holding. Dubai Holding is the investment vehicle of Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum. Raed Kajoor Al Nuaimi, formerly chief executive of DXB Entertainment, has been appointed to lead the new management company.

#Kuwait's Warba Bank boosts its #realestate investments portfolio & acquires a facility of KIA Motors in #UK

Warba Bank has recently purchased a newly constructed UK vehicle imports-exports facility strategically located next to Immingham port. The property is leased to KIA Motors UK for unbreakable lease term of 20 years. The facility has a capacity of over 15,550 cars and totalling 86.68 acres (35.08 hectares) of land. In addition, the site also includes a warehouse space of 63,515 ft.² (5,901 m²), facilitating distribution, refurbishment, valet, inspection, refuelling, offices and gatehouses. The site receives on average c.1,200 vehicles a week. KIA anticipate 100,000 UK car sales target by 2020. Warba Bank’s CEO, Shaheen Hamed Al Ghanem, said this acquisition was one of the best risks mitigated real estate investment of the bank, generating a steady and secured return from unbreakable long lease. He elaborated that the investment plan for 2017 is highly ambitious and the bank is looking for more international real estate investment opportunities in USA, UK and other continental European countries.

Warba Bank launches marketing campaign for USD-250-mln #sukuk

Kuwait's Warba Bank announced the launch of a marketing campaign for sukuk to be issued with a total value of USD 250 million. Warba Bank's CEO Shaheen Hamad Al-Ghanim said the campaign targets investors in Kuwait and Gulf Cooperation Council (GCC) countries, in addition to global stock markets. Al-Ghanim explained that the bank signed a deal with an international advisor to a new strategy for 2021, which is based on improving the bank's operations and further enhancing the quality of assets and diversifying sources of income. He noted that Warba Bank has previously obtained approvals from the Central Bank of Kuwait and Capital Market Authority, while the General Assembly has authorized the board of directors to issue sukuk.

#Kuwait's Warba Bank gets central bank approval for $250 million #sukuk

Warba Bank has received approval from the central bank of Kuwait to issue up to $250 million of sukuk. The bank will take a final decision on the issuance and its timing after obtaining remaining regulatory approvals. The funding would be used to boost Warba's Tier 1 capital. Warba Bank is an Islamic lender established in 2010.

Warba Bank's financing portfolio grows by 40 pct

Warba Bank's financing portfolio grew by 40 percent to KD 543.8 million at the end of 2015, compared with KD 388.2 at the end of 2014. The bank's total assets reached KD 776.1 million at the end of 2015, compared with KD 594.8 million in 2014 with a growth rate of 30 percent, Vice Chairman and CEO Al Jassar Dakheel Al-Jassar added during the bank's general assembly on Wednesday. In 2015, the bank achieved significant growth in its operating income, which rose by about KD 7.7 million and amounted to KD 26.3 million, marking a growth of 42 percent compared with KD 18.5 million in 2014, Al Jassar stated.

Warba Bank registers KD mln profits '15

Warba Bank said Tuesday it registered a million Kuwaiti Dinars (KD) (USD 3.3 million), or one fils per share, in profits for the Fiscal Year (FY) ending last December. The bank's 2014 profits were KD 115,000 (USD 383,526). Warba Bank said in a statement on Kuwait Stock Exchange's (KSE) website that its board members did not recommend distribution of profits for shareholders for FY 2015. Total shareholders' equity for last year was around KD 92.2 million against KD 91.8 million the year before. Warba Bank was established in 2010 with a KD 100 million capital, and was listed in KSE in 2013.

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.

Warba Bank Q3 net profit tops $4m

Kuwait’s Warba Bank achieved net profit of KD1.251 million ($4.12 million) in the third quarter (Q3) of the year compared to KD318,000 for the same period in 2014. The bank’s total assets grew by 34 per cent reaching KD682.760 million compared to KD507.140 million as on 30 September 2014.
The bank’s financing portfolio grew by 42 per cent reaching KD492.386 million by the end of the third quarter 2015 compared to KD346.747 million for the same period last year.

Emad Abdullah Al Thaqeb, chairman of Warba Bank, said: “Warba Bank’s strong performance continues to the third quarter with growth ascending trend reflecting the bank’s solid financial position, successful and flexible strategy that adapts to accelerating economic and legislative recent changes despite the ongoing political and security turbulences in the region.”

Source: 

http://www.gdnonline.com/Details/31929/Warba-Bank-Q3-net-profit-tops-$4m

Warba Bank trains 50 new graduates

In 2015, the Bank trained and invested in 50 Kuwaiti young people where they received academic and practical training on part-time basis at all branches of the Bank. The graduates were exposed to various banking transactions and business. The Training Program focused on the core banking knowledge and skills of new graduate Kuwaiti people. Warba Bank has hired 25 of the trainees in full-time jobs and assigned them to work across various branches. Their appointment gives an added - value to the recruitment policy adopted by Warba in line with the instructions from the various regulatory authorities for enhancing the banking sector with Kuwaiti national qualified labour.

Warba Bank launches “Mosawama" for local and international commodities

Warba Bank has recently introduced the new BCT service representing a trading platform for domestic and international commodities. This comes within the framework of the efforts of the Retail Banking Group in providing special services and products to customers in personal finance in accordance with the rules of Islamic Shari’ah and rules of retail finance services.

Warba Bank invests in US residential real estate

Warba Bank is one of the initial investors in a US-focused real estate strategy managed by the Wafra Investment Advisory Group, Inc. Warba Bank has announced that the has acquired the commercial office building “The Nathaniel” in New York. Warba Bank’s co-investors include German insurance companies and pension funds. “The Nathaniel” is the first transaction by the fund. The building was completed in September 2014 and is a Class A+ nine story building consisting of 85 residential units with luxurious amenities and 18,000 square feet of retail space. It is fully occupied and located in upmarket area of East Village Manhattan, New York.

Warba Bank’s first half 2015 net profit rises record 633 per cent

Warba Bank reported a net profit growth of 633 per cent to reach KWD 315,000 for the first half of 2015 compared to KWD 43,000 for the first six months of 2014. Total income grew by 37 per cent to reach KWD 11.17 million. The strong operating performance was supported by all business units within the bank. As at June 30, 2015, Warba Bank’s total assets increased 30 per cent to reach KWD 645 million as a result of the bank’s aggressive geographical expansion strategy in local and regional markets, combined with investments in low-risk and high quality assets. The bank’s financing portfolio has also showed a growth of 50 per cent to reach KWD 457 million compared to the first half of 2014. This enabled the bank’s default finances ratio to reach 0.24 per cent.

Warba Bank raises Qard Hasan amount to KD 5,000

Warba Bank has announced the re-launching Qard Hasan (“Free Profit loan”) in Kuwait after increasing its amount to KD 5,000 with flexible repayment period up to 18 months to all Kuwaiti Nationals as per the credit terms and conditions for individuals. Two years ago, Warba was the first bank in Kuwait to launch Qard Hasan initiative, not bearing any profits in line with the rules of Islamic Sharia. This initiative aims at supporting national customers working in the government sector, any of its associated institutions or the private sector. The customer will have the choice of either opening a Warba Bank salary account or investment saving account at no charges.

Azerbaijan's top bank attracts $150 mln Islamic loan

Warba Bank has announced that it successfully arranged $150 million Shariah-compliant one - year receivable backed syndicated financing facility for the International Bank of Azerbaijan. The Bank reported that it participated with a stake of $20 million in this transaction along with J.P. Morgan Bank, Citigroup, Barwa Bank, Al Hilal Bank, Noor Bank and Dubai Islamic Bank. he IBA concluded last year with $526 million sharia compliant assets compared to the Islamic Banking assets at the level of $220 million at the beginning of 2014. Behnam Gurbanzade, Director of the Islamic Banking Department of the IBA, recently said that the Bank is planning to increase the amount of Islamic financing in Azerbaijan in 2015.

Warba Bank Successfully Arranges a US$150 Million Syndicated Murabaha Facility for a Year for the International Bank of Azerbaijan & Participates by US$15 Million in a Finance for Ozun Group of Turkey

Kuwait's Warba Bank has successfully arranged a US$150 million, Sharia-complaint syndicated finance facility for the International Bank of Azerbaijan ("IBA"). The facility has a tenor of one year with a bullet repayment due at maturity. Warba Bank has participated in this transaction with a stake of US$20 million in a consortium of six regional and international banks: J.P Morgan Bank, Citigroup, Barwa Bank, Al Hilal Bank, Noor Bank and Dubai Islamic Bank. In addition, Warba Bank has also announced its contribution of US$15 million in an Islamic Sharia-complaint facility amounting US$80 million arranged by HSBC for the Turkish Ozun Group. Moreover, the Bank sold its real estate investment in West Bromwich in the United Kingdom achieving net profit of KD 640 K.

QIB, Noor Bank, Warba Bank lead arrangers for $155m loan

Qatar Islamic Bank (QIB), Noor Bank and Warba Bank, the mandated lead arrangers, announced the successful closure of a $155m Shariah-compliant receivable backed syndicated financing facility for a UAE-based Jafza entity. The facility is a transaction that enabled the obligor to securitise its future receivables guaranteed by multinational oil and gas companies. Noor Bank acted as lead arranger and bookrunner for the facility besides its role as the account bank, documentation bank, Shariah-coordinator, as well as investment and security agent. The facility was designed to refinance existing debt and finance the company’s future capital expenditure.

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