Warba Bank won the "Financial Institutions Deal of the Year" award at the Bonds, Loans & Sukuk Awards Ceremony for the Middle East, held at Jumeirah Hotel in Dubai on December 7, 2017, in presence of a number of decision makers from financial and economic institutions in the region.
Warba Bank was awarded for it successful issuance of tier one sukuk of USD 250 million in March 2017, which attracted a global response from investors, with an initial subscription of 5 times the capital and was subsequently listed on Nasdaq Dubai and the Irish Stock Exchange.
Mr. Ayman Salem Al Mutairi, Senior Manager of Corporate Communication-Strategic Planning Group at Warba Bank, received the award on behalf of Warba Bank.
Shaheen Hamad Al Ghanem, Chief Executive Officer of Warba Bank, said: "We are proud that Warba Bank has been selected for the 2017 Financial Institutions of the Year Award for its success in issuing tier one sukuk at the beginning of the year. We see the award as a strong indicator of the Bank's successful strategy in the investment and financing operations that have resulted in the bank gaining the confidence of the local, international and international investment community and winning a prestigious award that clearly demonstrate its ever evolving strategic vision”.
Al-Ghanem explained that the successful launch of Warba Bank's Sukuk constituted a pivotal step in the growth of the Bank's operations, which greatly contributing towards enhancing its operations and drawing the attention of the international community and increasing confidence in the Bank’s performance.
Warba bank has been intensifying its financing and investment operations since the beginning of the year. It has actively engaged in a number of big financing transactions, including a syndicated financing deal for the Turkish Shariah-compliant Ziraat Bank. A well, in partnership with other banks, Warba Bank acted as the lead arranger and book runner of the IPO financing.
The Bank also successfully coordinated the issuance of Sukuk to the UAE-based real estate developer Meras Holding located in Dubai. In terms of financing transactions in Kuwait, Warba Bank participated in syndicated financing deal for ALAFCO Company for Aircraft Finance and Leasing.