Kuwait – Mubasher: Warba Bank said it has completed the arrangement of a loan facility worth KWD 105 million ($346.6 million) for a three-year period requested by National Industries Group (Holding).

A consortium of international, Gulf and local lenders, led by Warba Bank, financed the loan, said a filing to the Kuwait Stock Exchange (KSE) on Sunday, adding that its stake in the loan amounts to KWD 14 million.

The Islamic bank said it expects around KWD 1.5 million increase in revenues and fees which will be reflected in its financials for the third quarter of 2015.

The loan arrangement is in line with Warba’s strategy and objectives to support the local economy and Kuwait-based firms as well as boost its role in the Islamic banking sector in Kuwait through offering shariah-compliant banking products.

Warba recently saw its profits soaring by 633% to KWD 315,000 ($1.03 million) in H1-15, compared to KWD 43,000 ($141,860) in the same period in 2014.