IslamicFinance.de

Qatari lender Barwa Bank expects a sharp increase in its 2013 net profit, driven mainly by billions in infrastructure spending by the Gulf state and growth in its debt advisory and asset management business. The unlisted lender is awaiting regulators' approval a public floatation as part of two share sales planned to raise more than 2.05 billion riyals. It posted a profit of 345 million riyals ($94.75 million) for 2012, a 41 percent increase from the previous year. Moreover, Barwa Bank, through its fully-owned investment banking arm, The First Investor (TFI), plans to partner with local investors in Qatar to invest in the healthcare sector. The bank also manages a Shariah-compliant Gulf equities fund, with 113 million riyals in assets. The fund has returned 19 percent to investors since inception in late 2012.

Qatar-based Barwa Bank recently announcd aseries of changes to its leadership team including the promotions of Khalid Al-Ahbabi to General Manager, Wholesale & Business Banking and Hussain al-Abdulla to General Manager, Personal Banking & Wealth Management, a new role for Keith Bradley as Group Chief Operating Officer & General Manager International as well as the appointment of Nasser Mohamad Al-Hajiri as Chief Administrative Officer. Each individual has several years of experience in the banking sector.

Barwa Bank has signed a cooperation agreement with Qatar Charity to provide QR500,000 for its Ramadan projects in the country. The deal was signed by Steve Troop, Chief Executive Officer of Barwa Bank, and Yousef Al Kuwari, Qatar Charity Executive Chairman, at the charity headquarters. Troop said that Barwa Bank aims to support projects which provide assistance to the needy in the Qatari community in various ways, including forging partnerships with charities such as Qatar Charity. One of Qatar Charity’s projects is Al Baraha which has been extended from 10 days to one month. Around 24,000 people will benefit from the QR950,000 project during the holy month.

Barwa Bank has acted as joint lead manager on Albaraka Turk Participation Bank's (ABT) $200m Tier 2 sukuk. This transaction represents the first Sukuk Murabaha transaction issued in the international capital markets from Turkey. Barwa Bank has been involved in almost all meaningful sukuk business over the last 12 months, guided by its strategy to become a key player in the Islamic debt capital markets. The ABT sukuk is another milestone for the bank, having been involved with several high profile issuers earlier this year as Co-Lead Manager, notably, the government of Dubai, Emirates Airlines and Dubai Islamic Bank.

Barwa Bank has appointed Khalid al Subeai as Chief Executive Officer at its wholly-owned investment banking subsidiary, The First Investor QSC (TFI). He is responsible for driving TFI's strategy and day-to-day management. Prior to joining Barwa Bank, Al- Subeai has held several leadership positions within the Finance sector in Qatar. Under his leadership, TFi is looking to expand and develop its investment banking franchise.

Qatar-based Barwa Bank arranged $863mn of notes in 2012, and is therefore the eighth-biggest underwriter out of 25 for GCC sukuk. Barwa Bank chief executive officer Steve Troop said that there was a space for an institutional Islamic bank to focus on sukuk. Barwa Bank which started operations in the third quarter of 2009 will wait until releasing first-half results before pursuing a credit rating. Moreover, it is preparing to sell shares in an initial public offering and is being advised by QInvest.

Qatar-based Barwa Bank has become one of the top 10 underwriters of Arabian Gulf Islamic bonds within three years of opening and plans to seek a credit rating in the second half before a possible sukuk sale. The bank arranged US$863 million of notes in 2012, and is considering its own issuance of sukuk. In addition to sovereign clients, Barwa helped Dubai-based Emaar Properties and Abu Dhabi Islamic Bank sell Islamic notes in 2012. The lender had assets of 21.5bn Qatari riyals at the end of June.

The First Investor GCC Equity Opportunities Fund is name of a new 100% Shariah compliant investment scheme, launched by the Barwa Bank. The bank's first Shariah compliant fund will be managed by the investment subsidiary of the bank. The fund's investment goal is to achieve long-term capital growth based on investments in a diversified portfolio of equities that are listed on exchanges of the Gulf Co-operation Council countries. According to the head of Asset Management it is possible to achieve more than 12% growth a year, as their selections have consistently outperformed the market.

The Co-Lead Manager for the Republic of Turkey's debut $1.5 billion Sukuk is appointed to be Barwa Bank of Qatar. Also, a number of high profile arranger positions for the bank follow the appointment. What is more, Barwa Bank has received following ratings by Bloomberg: sixth in international Sukuk, tenth in global Sukuk, and eighth in MENA region bonds and Sukuk. Since Turkey is believed to be one of the most prestigious issuers in emerging markets, it is a further testament for the bank to be apointed by them.

More on: http://www.cpifinancial.net/news/post/15819/barwa-bank-appointed-co-mana...

It seems that Barwa Bank made plans to apply for a credit rating next year before a possible debt offering. Chief Executive Officer Steve Troop noted that is a good set of results will come up in 2012, they will look for a rating in 2013.
Qatar’s biggest lender Qatar National Bank SAQ (QNBK) raised $1 billion in a sukuk offering earlier this month. Doha Bank QSC, Al Khaliji and International Bank of Qatar have announced plans to sell debt after no sales by lenders in the country last year.

Steve Troop, CEO of Barwa Bank, reveals that the bank is focused on providing a ‘different kind of customer experience’. In his oppinion, the bank must fit around the customers. He added that they will not become a big network bank, the branches will be added selectively.
Barwa Bank’s strategy is to grow its customer base and become a leading Shariah-compliant financial group in the region.

Barwa Bank, the Qatar-based Islamic finance house, is thinking about a plan to make its trading debut this year.
Barwa CEO Steve Troop indicated that Qatar’s recent decision to terminate the Islamic finance operations of the country’s conventional banks was an “exciting move”.