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KIB obtains CMA's approval to $300m Sukuk issuance

KIB obtains CMA's approval to $300m Sukuk issuance
The Sukuk issuance aims to enhance the bank's capital base

Mubasher: The Capital Market Authority (CMA) has approved the request of Kuwait International Bank (KIB) to issue Tier 2 capital Sukuk for an amount of up to $300 million.

The Sukuk issuance aims to enhance the bank's capital base as per the Capital Adequacy Ratio Standard, according to the bank's disclosure to Boursa Kuwait on Sunday.

Currently, the Sukuk will not have a material impact on the bank's financial position.

It is noteworthy to mention that in the first half (H1) of 2020, the bank's net profits plunged by 98.9% to KWD 103,250, compared to KWD 9.61 million in the same period of 2019.