Adel Abdul Wahab al-Majed

Boubyan Bank's profits in 2019

Boubyan Bank has reported net profit of KD 62.7 million in 2019, at a growth rate of 12% compared to 2018, with an earnings per share of 20.4 fils compared to 19.2 fils in 2018. Boubyan Bank CEO Adel Abdul Wahab Al-Majed said that the total equity of the bank increased to KD 575 million by the end of 2019 and the operating income increased to KD 146 million. The year 2019 witnessed the introduction of many new services and products. All-new smart phone Apps were launched in addition to the issuance, activation and use of the virtual prepaid card through Boubyan App. Additionally, the bank earned its verified badge in WhatsApp business and successfully integrated the bank’s Chatbot service, Msa3ed, with WhatsApp business.

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.

UAE’s BLME Holdings appoint new Chief Executive Officer

BLME Holdings plc has announced the appointment of Michael Williams as interim CEO of BLME Holdings plc and of its main operating company, Bank of London and The Middle East plc (“BLME”) with effect from Wednesday 13th May. Michael will report directly to Adel Abdul Wahab Al-Majed, Non-executive Chairman of the Board of BLME Holdings plc. Michael is a qualified banker, previously Chief Executive Officer of the International Bank of Qatar in Doha and before this Chief Executive Officer of the National Bank of Fujairah, based in Dubai. His former roles include Managing Director of Nomura Bank International Plc, London and Managing Director of Barclays Global Services. Michael will stand down as Senior Independent Director to be replaced by Neil Holden.

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).

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