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Kuwait C.bank approves Warba Bank’s $500m sukuk issue

Kuwait C.bank approves Warba Bank’s $500m sukuk issue
The bank should also complete remaining requirements
WARBABANK
WARBABANK
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Mubasher: Kuwait-based Warba Bank has obtained the Central Bank of Kuwait’s (CBK) preliminary approval to issue sukuk at a value not exceeding $500 million under $2 billion sukuk programme.

The bank will obtain the CBK’s final approval after submitting prospectus with the new sukuk issuance, according to a bourse statement released on Wednesday.

The bank should also complete remaining requirements set by regulatory authorities, the statement added.

Warba Bank reported a 31% year-on-year profit rise in the first quarter of 2019, recording KWD 3.82 million ($12.59 million).