Boubyan Bank

#Kuwait's Boubyan Bank issues first public #sukuk

Kuwait's Boubyan Bank issued $250 million Perpetual Tier 1 Capital Certificates, completed May 16, the first public sukuk from a Kuwaiti bank, the first public sukuk out of Kuwait since 2007 and the world’s first public fully Basel III-compliant Tier 1 sukuk. The certificates were made available on the Irish Stock Exchange and NASDAQ Dubai. The issuance was advised by Dentons. Joint coordinators included Standard Chartered, HSBC and Boubyan, Emirates NBD Capital, Dubai Islamic Bank, KFH Capital and National Bank of Kuwait. Co-managers of the transaction were Abu Dhabi Islamic Bank, Ajman Bank and Noor Bank.

Dentons advises Boubyan Bank on world's first public fully Basel III-compliant Tier one #Sukuk

Dentons advised #Kuwait's Boubyan Bank on its issuance of $250 million Perpetual Tier one Capital Certificates, which completed on 16 May 2016. The transaction represents the world's first public fully Basel III-compliant Tier one Sukuk, while also being the first ever public Sukuk from a Kuwaiti bank, and the first public Sukuk out of Kuwait since 2007. Standard Chartered Bank, HSBC and Boubyan Capital acted as joint global co-ordinators, together with Emirates NBD Capital, Dubai Islamic Bank, KFH Capital and National Bank of Kuwait as joint lead managers on the issuance of the Capital Certificates. Abu Dhabi Islamic Bank, Ajman Bank and Noor Bank acted as co-managers.

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%.

UPDATE 1-Kuwait's Boubyan Bank aims to issue $250 mln sukuk by April-end

Kuwait's Boubyan Bank aims to issue sukuk worth $250 million before the end of April, the lender's chief executive said on Monday. Adel Abdul Wahab al-Majed told reporters of the plan after the company's annual meeting. Boubyan Bank in January said it had received regulatory approval to issue a capital-boosting sukuk worth $250 million. Majed added that the sukuk would allow the bank to fulfill Basel III requirements and cover its capital needs until 2018.

Islamic Development Bank to start roadshows on Sunday for dollar sukuk -leads

Islamic Development Bank (IDB) will start roadshows from Sunday for a potential dollar-denominated sukuk issue for the Jeddah-based supranational institution, a document from lead arrangers showed. The AAA-rated IDB has picked Boubyan Bank, CIMB, Emirates NBD Capital, Gulf International Bank, JP Morgan, Natixis and Standard Chartered Bank to arrange the transaction, the document showed. Investor meetings will start on Sunday in Riyadh before moving to Kuala Lampur on Tuesday and concluding in the United Arab Emirates on Wednesday.

Kuwait's Boubyan Bank says gets regulatory nod for capital-boosting sukuk

Kuwait's Boubyan Bank has received regulatory approval to issue a capital-boosting sukuk worth $250 million, the bank said in a bourse filing on Wednesday. The lender received approval from the Kuwaiti central bank to issue Basel III compliant Islamic bond that will enhance its Tier 1, or core, capital, it said. The bank will take a final decision on the sukuk and its timing after receiving all other approvals, the bank added.

Kuwait's CBK cuts stake in Boubyan Bank to 17.7%

Commercial Bank of Kuwait has cut its stake in Boubyan Bank down by 2,2 %.
The data showed that the stake dropped to 17.7 %.
Trade in Boubyan shares has lately been extremely heavy, with more than 94 million shares, changing hands and the stock price was up 1.25 % at 0.405 dinar. The identity of the buyer of CBK's holding in Boubyan was not clear.

Kuwait's Investment Dar legal battle over Boubyan Bank stake continues

Kuwaiti firm Investment Dar is making a renewed legal push to secure ownership of a major asset at the centre of its long-running restructuring process. The case is a rare test of Kuwait's Financial Stability Law, introduced in 2009 to assist debt renegotiations. The firm has been embroiled in litigation over a stake in Kuwait's Boubyan Bank, which it sold to Commercial Bank of Kuwait (CBK) in 2008, with the right to buy it back. CBK currently holds a 19.9 percent stake in Boubyan. Investment Dar hopes to sell the stake to repay creditors. For its part, CBK said last week it cancelled a proposed 120 million dinar capital-boosting bond due to "legislative and technical issues".

Moody's upgrades Boubyan Bank's ratings to Baa1; outlook stable

Moody's Investors Service has upgraded by one notch the global foreign and local-currency deposit ratings of Kuwait-based Boubyan Bank (Boubyan) to Baa1 from Baa2. At the same time, Moody's has upgraded Boubyan's standalone bank financial strength rating (BFSR) to D+ from D, equivalent to ba1 baseline credit assessment (BCA) from ba2. All ratings assigned to Boubyan carry a stable outlook. Moody's rating upgrade primarily reflects the strengthening of asset-quality and coverage metrics and improvement in capitalisation levels. However, these strengths are moderated by high concentration risks and challenges stemming from rapid growth.

Kuwait's Boubyan Bank sells debt to international lender for USD8.38m

Kuwait's Boubyan Bank (BOUBYAN.KW) has sold a debt that was owed by an investment bank for 2.4 million Kuwaiti dinars ($8.38 million). Boubyan, which is an Islamic lender 58.33% owned by National Bank of Kuwait, said that it sold the debt to an international bank, without naming it. It added that it had previously set up provisions to fully cover this debt in keeping with the instructions of the country's central bank.

Kuwaiti lender sees Islamic banking boom

According to the chairman of Boubyan Bank, Islamic banking in Kuwait is growing double as fast as conventional banking. Throughout the Arab region, the demand is expected to be strong. In the first nine months of this year, credit volumes at Islamic banks in the kingdom reached KD11.1 billion ($39.3 billion). This is an increase of 13.2% compared to the same period in 2011. Meanwhile, conventional banks were able to register credit growth of 5.6% reaching KD18.6 billion. This is the reason why Boubyan has no interest in in overseas expansion yet.

Kuwait’s Boubyan Sees Islamic Banking Boom

According to the chairman of Boubyan Bank, the growth rate of Islamic finance in Kuwait is the double of the one of conventional banking. In his opinion, strong demand throughout the Arab region can be expected. The country's Islamic banks reached credit volumes of 11.1 billion Kuwaiti dinars ($39.3 billion) during the first nine months of the year. This is 13.2% more than during the same period last year. Conventional banks on the other hand registered a 5.6% credit growth. Since the demand for sharia-complaint banking is so high in Kuwait, Boubyan has no intention to expand overseas yet. This contrasts with Kuwait Finance House (KFH).

IBS to work with Harvard to present education program for banking executives

Sheikh Salem Abdul Aziz Al-Sabah, governor of the Central Bank of Kuwait, chairman of the board of directors of the Kuwait Institute of Banking Studies (IBS), noted that the Kuwait IBS will work with Harvard Business School for the third year in a row to offer an executive education program for banking and finance executives in the GCC (gulf Cooperation Council) region.
Al-Sabah underlined the fact that the program is one of the strategic developmental projects the banking sector is following, conducted by the Central Bank of Kuwait, organized by the IBS and financed by the IBS member banks - Central Bank of Kuwait, National Bank of Kuwait, Gulf Bank, Commercial Bank of Kuwait, Burgan Bank, Al-Ahli Bank of Kuwait, Ahli United Bank, Kuwait International Bank, Industrial Bank of Kuwait and Boubyan Bank.

Boubyan Bank

Quarterly Result Update
1. Net profit rose 30.4% to KWD 2.11 million from KWD 1.62 million.
2. The operating income of KWD was 15.46 million during 1Q11, increasing 40.7% from KWD 10.99 million in 1Q10.
3. The FY2011E total operating income is revised upwards by 20.1% anticipating higher non-financing income. Accordingly, the net profit estimate stands 13.7% higher.

KFH signs restructuring of debts agreement with Gulf Investment House

Kuwait Finance House (KFH) signed an agreement with Gulf Investment House (GIH) to restructure its debts that reach KD49.5m.
The agreement was supervised by Liquidity Management House (LMH). The collaborators of the agreement were: Boubyan Bank and Burgan Bank.
Mr Emad Al-Thaqeb stated that the agreement comes as part of a program to support local investment companies, which is supported by the Central Bank of Kuwait.

Boubyan Bank launches KWD money market fund

Boubyan Bank is going to initiate an open-ended Kuwaiti dinar money market fund which invests in Shari'ah-compliant short and medium-term instruments available in the financial markets.
The statement of Saleh Ahmed Al-Ateeqi, Acting CEO of Boubyan Capital, reveiles that the purpose is to offer competitive Shari'ah-compliant returns by increasing the value of its assets while offering a high level of liquidity to investors.

Kuwait's Investment Dar to sell $1.69bn assets

Kuwait's Investment Dar has proposed some $1.69bn in asset sales over three years to creditors as part of a $3.58bn restructuring plan, Reuters has reported, citing banking sources.
Dar will sell its stakes in Kuwait's Boubyan Bank and Bahrain Islamic Bank.

Ahmed Fathy Al-Gebali appointed Chief Financial Officer at Dubai Islamic Bank

Before joining Dubai Islamic Bank, Al-Gebali served as the CFO at Boubyan Bank, Kuwait. During his 23 years of professional experience, Al-Gebali has held senior positions at Global Investment House, Gulf Investment House, Kuwait Financial Center and International Financial Advisors.

Bank of London and the Middle East launches Sharia'a Compliant premier deposit account in Sterling, US Dollars and Euros for inv

Bank of London and the Middle East plc whose main shareholders are Boubyan Bank, National Bank of Kuwait, the Securities House and the Public Institution for Social Security, announced today the launch of its Premier Deposit Account (PDA) in Pound Sterling, US Dollars and Euro for Kuwait investors.
BLME's PDA offers investors competitive returns on their deposit with BLME when compared with other UK Financial Institutions' deposit products.

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