Warba Bank has announced that an agreement has been concluded with Al-Mulla International Financing Company by which the bank will increase the allocated amount of the acquisition of financing portfolios from Al-Mulla International Financing to reach the amount of 50 Million Kuwaiti Dinars. This substantial agreement reflects Warba Bank’s commitment to provide innovative financing solutions to its clients in line with Islamic Sharia as well as the bank’s strategy of expansion locally and regionally.
It is worth noting that this cooperation of Warba Bank and Al Mulla International Finance Company comes as a result of the tremendous success realized by both parties during 2016, when the bank acquired from the company a portfolio in the amount of 30 million Kuwaiti dinars.
On this aspect the CEO of Warba Bank Shaheen Hamad Al-Ghanem said, “this agreement represents a good example for companies looking for reliable resources for financing and liquidity, and also reflects the commitment of Warba Bank to offer innovative financing Islamic solutions through its available facilities which will help companies consolidate their assets. Such an agreement is a clear indication of Warba Bank’s ability to play an effective role in the development of Islamic economy in Kuwait and globally.”
Al-Ghanem added, “we are proud to have concluded this agreement with Al Mulla International Finance Company, a renowned, deeply-rooted company, involved in multi-purpose projects including consumer financing and financed renting. This agreement signifies that the bank is has adopted the right strategy taking the path of cooperating with local companies in the various sectors and aspects in line with Islamic Sharia. It represents our readiness to extend communication with our client companies whom we deem our partners at any achievement and success that we may realize, which gives us more incentive and motivation towards continued incessant efforts that would meet their financing needs and consequently help develop all means that would serve and meet our needs.”
On this same subject, Mr. Khalid Abdul Aziz Al-Muraikhi, Deputy Chairman and CEO of Al-Mulla International Financing Company said, “We are happy and proud of such joint cooperation with WARBA BANK, and for this second time to achieve such significant arrangement which will be in the mutual interest of both parties. Al-Mulla International Financing Company activity has witnessed noticeable growth subsequent to becoming a financing company operating along the principles of Islamic Sharia and licensed by Kuwait central bank in December 2013.”
He added, “Our first experience of cooperation with WARBA BANK has proven the strength and professionalism of the BANK in providing innovative banking financing solutions that consolidate the BANK’s position in the Islamic banking industry, which have largely contributed to growing our financial portfolio and to providing effective financing solutions to our clients.” In this connection, Al-Mulla International Financing Company is considered one of the pioneering companies in personal financing with extensive reputed experience in this sector in Kuwait.
The new agreement derives from Warba Bank’s new strategy being enforced in cooperation with McKinsey & Company International Consultants which is fundamentally based on making available leading banking investment tools and leading financing services that help companies and investors and help develop the profits of the bank and transferring it to a banking facility that would provide leading services for business while pursuing its successes in the retail sector. The five tenets of the strategy also include basics that would emphasize the objectives of the bank of making available outstanding banking services to clients and consolidating the digit value of the bank.
Warba Bank has been able to realize noticeable and significant impact in providing the best financing and investment opportunities in the past year during which the bank has achieves many successes such as the bank’s participation in financing a complex for Kuwait National Petroleum Company in the amount of 25 million Kuwaiti dinars, a project which relates to the environmental fuel of the company, and assumed the principal role of issuing bank jointly with Berhard bank of Malaysia for the provision of a financing venture in the amount of 174 million dollars in line with Islamic Sharia through a group of international financing companies for the construction of a residential tower in New York, USA.
Amongst other leading financing operations concluded by the investment group of Warba Bank were four joint financing agreements of the bank’s clients including Kuwait National Petroleum Company in the amount of 1.2 billion Kuwaiti dinars; Etihad Airways in the amount of 145 million Kuwaiti dinars; Ajman Bank in the amount of 230 million dollars; and a multi-currency joint venture in the amount of 155 million dollars for the Cooperative Agricultural Bank of Turkey. Warba Bank has crowned its operations for the year 2016 by issuing 2 bond projects including, Kuwait Finance House - Turkey in the amount of 500 million dollars and the Islamic council for private sector development for the amount of 300 million dollars.
Al-Ghanim concluded, “Thank God we have been able to win client and investor confidence. Today, Warba Bank enjoys a distinctive role in the local market acquired through its flexible innovative financing solutions and by developing a portfolio of services and banking products which take into consideration client needs and aspirations. We will continue on this path throughout 2017 in order to achieve more successes and to effectively contribute to the Islamic banking industry, both locally and regionally.