Warba Bank's corporate and investment banking efforts have resulted in the bank winning two prestigious awards from Banker Middle East, namely: "Best Corporate Bank in Kuwait" and "Best Investment Bank in Kuwait" for 2017. These awards are the result of the bank's pursuit of a development strategy in the corporate and investment sectors and its recent achievements in this regard.
The awarding magazine, Banker Middle East, is specialized in analyzing and providing comprehensive information about the global finance community in a precise, simple, and easy-to-understand way. The awards are based on the vote of readers and users of their website among the field of decision-makers in the business and finance community. It is a key reference that sheds light on market changes, giving them a clear idea of the complex economic processes taking place in the global business community.
Commenting on this achievement, Shaheen Hamad Al Ghanim, Warba Bank's Chief Executive Officer said: "Thanks to Allah's Grace, we are proud to say that Warba Bank has achieved a quantum leap in its operations in the corporate and investment sectors by providing them with Islamic banking solutions that meet their expectations and provide them with viable and consistent returns. This is in line with the bank's strategy that aims to support and enhance banking and financing operations. Our consistent performance has captured the attention of the business community, investors and long-standing rating institutions.
"Thankfully, the bank today enjoys the confidence of the business community and investors who find constructive, viable, and secure opportunities in its investment tools. We will continue to stick to this approach so as to make Warba Bank the first option for investors and businesses by injecting the necessary investments to provide global investment opportunities and develop our services to high standards; in addition to enhancing the bank's digital infrastructure", Al-Ghanem added.
Since the announcement of its new and ongoing development strategy from 2017 to 2021, the Bank has diversified its options and products for investors and companies. In the first quarter of this year, it achieved an unprecedented success in covering subscription with its USD 250M Sukuk - five times as the issued Sukuk - with an amount of USD 1.3B to enhance its capital to become the most competitive bank in these sectors in particular. In addition, the bank has successfully acquired a £-9M UK car import and export facility leased to Kia Motors with an irrevocable long-term contract until 2037.
As part of the Bank's commitment to provide innovative Sharia'ah-compliant financing solutions to its customers, Warba Bank has signed a renewable agreement with Al Mulla International Finance Company (AMIFC) whereby the bank will increase the amount of acquiring financing portfolios from AMIFC so as to reach KD 50M.
Al-Ghanem concluded, "During the beginning of the year, we promised our customers and investors that we will be the leading Islamic bank in the corporate banking and investment banking sectors, and will provide advanced digital services to individuals, in addition to provide advanced electronic services that mimic the most important needs of the customer. We are fully determined to take this position in the near future relying on developing our services and investment tools.
It is worth mentioning that Warba Bank's performance and success were the main reason for getting Banker Middle East's "Fastest Growing Bank in Kuwait" 2017 award for the third time in a row. Warba Bank received the same award in 2016.
During the first quarter of 2017, Warba Bank achieved a net profit of KD 1.3M - four times as what was achieved during the same period last year.