Kuwait – Mubasher: Warba Bank will begin promoting its sukuk issuance worth $250 million in several Asian markets this week, Al-Anba newspaper reported.

The roadshow will begin in Singapore and Hong Kong then pass through to Dubai and end in London, it added.

In January, the bank announced receiving an approval from the Capital Market Authority (CMA) to issue and promote Tier 1 permanent sukuk, not exceeding $250 million, as part of a capital increase for the bank inside its native Kuwait.

Warba’s CEO Shaheen Al Ghanem said that the bank was targeting an annual growth of 30% to 40% and expected the bank to rank sixth among local Kuwaiti banks and third among Islamic Banks in the coming five years, according to the newspaper.

The bank has a current market share of 2% and we seek to raise it to 10% over the next five years, Al-Anba reported citing the top executive as saying.

Warba Bank’s stock gained 0.81% to 248 fils by 11:20am Kuwait time, after 5.2 million shares were traded on the stock at a turnover of KWD 1.3 million.