Warba Bank

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.

Warba Bank to be listed

Kuwait's Warba Bank will be listed on the country's stock exchange tomorrow after a restriction on public trading of the stock ended. A majority of the shares in the lender, set up with a capital of 100 million dinars ($351m), were gifted to Kuwaiti nationals as part of the state's wealth sharing, with each citizen receiving 684 shares. The remaining 24 per cent is owned by the sovereign wealth fund Kuwait Investment Authority. The listing does not include sale of any new shares. Shareholders were restricted from trading their stock on the exchange for three years after the April 2010 establishment date.

Warba Bank builds portfolio of successful investments

Warba Bank announced that it has made significant progress over the past year in building its portfolio of investments in the region and the world. During 2012, Warba Bank completed a series of successful investments in various investment sectors, e.g. the purchase of a property in New York which they developed into a multi - family residential complex. Through its investments, Warba Bank seeks to achieve high returns on investments and guarantee the rights of the Kuwaiti people who are the bank's shareholder.

New Islamic bank: Warba Bank, Kuwait - shares distributed to Kuwaitis for free

The Cabinet's approval of a draft decree establishing Warba Bank, with a capital of KD 100 million of which a 76 % stake will be held by citizens and subscribed to on their behalf by the government and 24 % of its stocks held by Kuwait Investment Authority (KIA).

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