Kuwait – Mubasher: Warba Bank participated in a five-year sukuk financing deal with Emirati Meraas Holding worth $400 million.

The Kuwaiti-listed bank’s CEO Shahin Al-Ghanim said that the bank provided $50 million, declaring that the demand on sukuk was above expectations, according to Kuwait News Agency (KUNA).

The Murabaha rate of the bank reached 5.112%, Al-Ghanim added.

He stated that the bank’s contribution to the deal comes in line with its five-year strategy until 2021.

Dubai-based Meraas Holding, owned by Sheikh Mohammed bin Rashid Al Maktoum, is working on developing and launching projects and initiatives in the fields of investment and real estate development.

On 10 July, Warba Bank announced a $236 million multi-currency co-financing deal for the Turkish bank Ziraat Katılım.

By the end of trading on Wednesday, Warba Bank’s stock dropped 2.23% at 263 fils, achieving liquidity of KWD 259,340 after trading 973,140 shares.