Latest news with #WarbaBank
Al Bawaba
10 hours ago
- Business
- Al Bawaba
Warba Launches 'Your Coffee on Us' Campaign in Partnership with Kuwait Flour Mills at T4
Warba Bank has announced the launch of a new strategic collaboration with Kuwait Flour Mills & Bakeries Company, coinciding with the opening of the company's branch at Kuwait International Airport, specifically in Terminal 4 (T4). Through this partnership, the Bank will offer its traveling customers an exclusive benefit: a complimentary coffee from the Kuwait Flour Mills branch at T4, provided they are Warba Bank customers traveling through the terminal. This collaboration is an extension of Warba Bank's approach to supporting national projects and initiatives that reflect the integration of efforts between government institutions and the private sector, particularly those aimed at improving services in vital public facilities such as airports. The initiative aims to portray a positive image of Kuwait while enhancing the travel experience for passengers to and from the country. It also reflects Warba's ongoing commitment to delivering genuine added value through its summer campaigns. Customers can redeem this exclusive offer by using the electronic code (CODE) available through the Warba Bank mobile app's marketplace. The CODE is presented at the Kuwait Flour Mills branch in the airport to claim a free coffee. Steps include: opening the Warba Bank app, navigating to the marketplace, selecting the discount code section, choosing Kuwait Flour Mills, retrieving the discount code, and finally presenting it at the point of sale before payment. This process reflects the Bank's focus on offering tangible, direct benefits that enhance its customers' experiences and align with their lifestyle. Commenting on the initiative, Mr. Ayman Salem Al-Mutairi, Director of Public Relations and Corporate Communications at Warba Bank, stated: "This initiative stems from our commitment to providing added value to our customers at every stage of their journey from banking services to the details that matter during travel. It also reflects our dedication to supporting national products and services, especially those that fall under successful public-private partnerships." He added: "We are proud to launch this fruitful collaboration with Kuwait Flour Mills Company, which reflects our commitment to delivering a distinguished banking experience to our customers, even while they travel. This partnership also aligns with our focus on supporting local projects and fostering partnerships between the public and private sectors. We firmly believe in the importance of boosting the local economy and supporting the growth and development of Kuwaiti companies, which we continue to pursue through our various initiatives." Warba Bank's Commitment to Innovation and Excellence Warba Bank continues to lead the way in providing innovative digital services and exclusive offers that strengthen its position as a modern Islamic banking institution. The Bank aims to create a banking experience rooted in genuine engagement with customers' needs and aspirations, in line with its slogan, 'Let's Own Tomorrow.' Warba Bank has achieved remarkable success in a short period, securing a leading position in Islamic digital banking in Kuwait. It is among the local banks with the largest shareholder base, making it close to all segments of society. This achievement further reaffirms the Bank's position as a trusted banking partner that combines innovation and social responsibility in delivering best-in-class financial products and services.
Zawya
5 days ago
- Business
- Zawya
ICD leads successful closure of $145mln Shariah-compliant syndicated facility for Turk Eximbank
Jeddah, KSA: The Islamic Corporation for the Development of the Private Sector ('ICD'), a multilateral development financial institution and the private sector arm of the Islamic Development Bank (IsDB) Group, is pleased to announce the successful closure of USD 145 million Shariah compliant syndicated financing facility for Türkiye İhracat Kredi Bankası A.Ş. or Export Credit Bank of Türkiye A.S. ('Turk Eximbank'). The facility has been structured as a Commodity Murabaha with a tenor of 3 years. This partnership between the two institutions aims to boost export-oriented businesses and export of private sector businesses in Türkiye and provide Shariah-compliant financing solutions to support exporters. The syndicated financing facility was led by ICD as Mandated Lead Arranger and Bookrunner. ICD is also the Investment Agent of the facility. Three leading GCC-based Islamic banks participated in the facility. Warba Bank K.P.S.C. and Kuwait International Bank K.P.S.C. joined as Joint Lead Arrangers, whereas AlRayan Bank Q.P.S.C joined as Co-Lead Arranger. The ICD remains committed to develop Shariah compliant financial channels in member countries to promote Islamic finance. This syndicated financing facility demonstrates the strong relationship of ICD, a multilateral development financial institution, with other leading Islamic Financial Institutions, to mobilize resources toward the sustainable development of the private sector across its member countries. Dr. Khalid Khalafalla, Acting CEO of ICD, stated 'I am glad to announce this medium-term financing facility, which is designed to promote economic development and support Shariah-compliant export-oriented businesses in Türkiye. Through this initiative, we aim to empower private sector projects, particularly corporates and SMEs, those have meaningful developmental impact on the Turkish economy' Mr. Ali Güney, General Manager of Turk Eximbank also stated 'Turk Eximbank is one of the main enablers of government's export-led growth strategy and the largest development bank in Türkiye. We remain committed to support Turkish exporters and strengthening their global competitiveness. We consider ICD a strategic partner in this endeavor and look forward to continuing our cooperation in the future' About Turk Eximbank Turk Eximbank is the official export credit agency of the Republic of Türkiye and the leading provider of export finance in the country. Turk Eximbank is fully owned by the Republic of Türkiye Ministry of Treasury and Finance acting as the Turkish government's major export incentive instrument in Türkiye's sustainable export strategy. As Türkiye's official export credit agency, Turk Eximbank has been mandated to support foreign trade and Turkish contractors/investors operating overseas. For More Information For further details, please contact: E-Mail: info@ Website: About the Islamic Corporation for the Development of the Private Sector (ICD) ICD is a multilateral organization and a member of the Islamic Development Bank (IsDB) Group. ICD's mandate is to support economic development and promote the growth of the private sector in its member countries through providing financing facilities and/or investments in accordance with Shariah principles. Additionally, ICD offers advisory services to governments and private organizations to encourage the establishment, expansion, and modernization of private enterprises. ICD is rated 'A2' by Moody's, 'A+' by Fitch, and 'A-' by S&P. For More Information For further details, please contact: Nabil El-Alami, Communications & Corporate Marketing Division head, Nalami@ Website:
Arab Times
29-07-2025
- Business
- Arab Times
Warba Bank Receives Central Bank's Approval to Appoint Advisors for Merger Feasibility with Gulf Bank
KUWAIT CITY, Jul 29: Warba Bank has announced that it has received the approval of the Central Bank of Kuwait to appoint a group of specialized advisory firms to conduct a feasibility study and due diligence review for the potential merger with Gulf Bank. This approval marks a key milestone in progressing the preparatory procedures for a possible merger between the two leading financial institutions. The approval follows Warba Bank's previous disclosure dated June 15, 2025, regarding the signing of a Memorandum of Understanding (MoU) with Gulf Bank to explore the feasibility of a merger. The step represents a pivotal moment in the path toward forming a fully integrated Islamic banking entity with the potential to compete on a regional and global scale. The list of appointed advisors includesinternationally and locally recognized institutions such as Bain & Company as Management Consultant, J.P. Morgan as Lead Financial Advisor, Al Shall Consulting as Local Investment Advisor, Clifford Chance as Lead Legal Advisor and Al Tamimi & Company as Local Legal Advisor. Commenting on the development, Mr. Hamad Musaed Al-Sayer, Chairman of Warba Bank, said:"We welcome the Central Bank of Kuwait's approval to appoint advisors for the merger study, which is a significant step in realizing our strategic vision to establish a leading Islamic financial institution with regional and global competitiveness. The appointment of such reputable advisory firms underscores our commitment to executing this process according to the highest professional and regulatory standards, ensuring maximum value creation for our shareholders, customers and the national economy." On his part, Mr. Shaheen Hamad Al-Ghanem, Chief Executive Officer of Warba Bank, affirmed the Bank's full adherence to all relevant legal and regulatory requirements, including securing all necessary approvals from regulatory authorities. He stated that the Bank will continue to disclose any material developments related to the merger in a timely manner. He added:'This step comes as part of our growth and expansion strategy and our aim to enhance our competitive edge in the local and regional banking sector. We are confident that the potential merger with Gulf Bank will result in a strong financial entity with a solid capital base and outstanding operational capabilities. This will enable us to deliver comprehensive and innovative banking services that meet our customers' evolving needs and support economic development in Kuwait and the wider region.' Warba Bank has achieved remarkable success in a short span of time, earning a leading position in the Islamic digital banking sector in Kuwait. With one of the largest shareholder bases among local banks, Warba Bank continues to be a trusted partner that brings together innovation and social responsibility to deliver best-in-class Sharia-compliant products and services.
Zawya
28-07-2025
- Business
- Zawya
Kuwait's Gulf Bank, Warba Bank appoint advisors for possible merger
Kuwait-listed Gulf Bank and Warba Bank have appointed advisors to conduct feasibility studies and due diligence for a potential merger. Warba Bank stated that Bain & Company will serve as the management consultant, J.P. Morgan as lead financial advisor, Al Shall Consulting as local investment advisor, Clifford Chance as lead legal advisor, and Al Tamimi & Co. as local legal advisor. Gulf Bank announced the appointment of Goldman Sachs as investment consultant, McKinsey Kuwait For Management & Consultancy as commercial consultant, PwC as financial and tax consultant, International Counsel Bureau as local legal consultant and Freshfields Bruckhaus Deringer Law Firm as global legal consultant. The two lenders have secured approvals from the Central Bank of Kuwait for these appointments, the statements said. In May, Gulf Bank and Warba Bank announced plans to explore a potential merger, which could lead to the creation of one of the largest Shariah-compliant banks in the Gulf country with assets worth KWD13 billion.
Zawya
02-07-2025
- Business
- Zawya
Markaz: Kuwait equities extended their rally after de-escalation of geopolitical and trade tensions towards the end of the month
Kuwait: Kuwait Financial Centre 'Markaz' released its Monthly Market Review report for June 2025. Kuwait equity market was positive during June 2025, bringing the market's YTD gains to 14.8%. Kuwait's All Share Index gained 4.2% during the month supported by easing of geopolitical tensions in the Middle East. Consumer staples and real estate sectors were the top gainers, rising 9.1% and 7.7% respectively. The banking sector index increased by 6.2% for the month. Among banking stocks, Kuwait International Bank and Burgan Bank were the top gainers, rising 15.9% and 8.7% respectively during the month. KIB has disclosed that a board member has bought 50,000 shares in the company. Burgan Bank has also disclosed purchase of shares by North Africa Holding, a subsidiary KIPCO Group, as part of its disclosures on insider transaction. Warba Bank and Gulf Bank continued to gain for the month, rising by 8.5% and 7.2% respectively amid ongoing merger discussions. Among Premier Market stocks, Mezzan Holding was the top gainer after KIB, rising 10.0%. Kuwait's consumer price index increased by 2.25% y/y in May 2025 with food and beverage price inflation rising by 4.7% y/y. Following the passage of debt law in March 2025, Kuwait is planning to borrow about KD 6 billion in FY 2025-26, according to Bloomberg. The S&P GCC Composite index gained 3.0% in June 2025. Saudi equity index gained by 1.6% during the month, amid broad-based gains. Saudi Aramco declined by 2.7% during the month, pressured by decline in oil prices in latter part of the month. Abu Dhabi's equity index increased by 2.8% in June 2025, supported by gains in blue-chips. Abu Dhabi Islamic Bank (ADIB) and Aldar Properties gained 12.1% and 7.3% respectively for the month. Dubai's equity index gained 4.1% for the month, supported by gains in blue chips. Dubai Islamic Bank (DIB) and Salik Company gained by 9.9% and 5.8% respectively for the month. Salik Company's strong 2024 performance supported its share price in June. Qatar's equity markets gained 2.7% for the month, supported by gains in natural gas prices. Saudi Arabia's GDP for Q1 2025 grew by 3.4% y/y, higher than the 2.7% y/y growth reported earlier in its flash estimates, on account of smaller annual decline from the oil sector and stronger private sector growth. Fitch has affirmed UAE's AA rating with a stable outlook, citing robust financial buffers despite regional risks and hydrocarbon dependence. UAE's central bank has lowered its 2025 GDP growth forecast for the country to 4.4% y/y, down from earlier estimate of 4.7% y/y, citing lower oil prices, slowdown in global economic activity and increased uncertainty. Global markets were positive during June 2025, supported by de-escalation of geopolitical tensions in the Middle East, progress on trade deal between U.S and China and dovish comments from U.S Fed. The MSCI World and S&P 500 indices rose by 4.2% and 5.0% respectively for the month. According to U.S-China deal, U.S. would charge a 55% tariff on imported Chinese goods while China would charge a 10% tariff on U.S. imports. U.S has also agreed to allow Chinese students to study in its universities, while China would remove export restrictions on rare earths. The MSCI EM index gained 5.7% during the month. Chinese equities rose by 2.9%, supported by reports on U.S-China trade deal. South Korean and Taiwan equities gained 13.9% and 4.3%, respectively, supported by election results (South Korea) and positive trade talks with US (Taiwan) The U.S inflation stood at 2.4% y/y in May 2025, slightly up from the 2.3% y/y reading in April 2025. While inflation numbers are being closely followed, they are yet to show significant impact from the tariffs. The U.S labor market added 139,000 jobs in May, down from 147,000 jobs added in April, indicating emerging weakness amid policy uncertainty. The yield on the 10-year US treasury notes declined 17 bps during the month to 4.24%. U.S Fed held rates steady at 4.25%-4.5% in June 2025, citing persisting risk of inflation. The central bank maintained its expectation of 50-bps rate cuts for 2025, but lowered rate expectation for 2026 and 2027 by 25 bps each to a target rate of 3.50%-3.75% and 3.25%-3.50%, respectively. U.S Fed has also lowered its economic growth expectations for 2025 to 1.4% y/y, from 1.7% y/y estimated in March 2025. Oil (Brent) prices closed the month at USD 67.6 per barrel, rising by 5.8% during the month. The commodity was volatile during June amid geopolitical tensions in the Middle East and U.S-China trade talks, closing at USD 78.85 per barrel on 19th June 2025, its highest close price in five months. However, in the latter part of the month, easing of tensions, expectations of further output hike by OPEC+ in its July meeting and progress in U.S-China trade deal pressured prices. OPEC+ is expected to further increase its output by 411,000 bpd from August 2025. Gold prices closed at USD 3,303, marginally up by 0.4% for the month. Further developments on geopolitical tensions and trade talks would be closely watched by the markets. With the U.S President's tariff pause ending on July 09, 2025, finer details on tariff implementation and their impact on the economy and inflation would impact markets. Given the minimal expected impact from U.S tariffs on GCC, impact of tariffs on oil demand, continued unwinding of production cuts and performance of non-oil economy would be key market determinants for GCC equities. About Kuwait Financial Centre 'Markaz' Established in 1974, Kuwait Financial Centre K.P.S.C 'Markaz' is one of the leading asset management and investment banking institutions in the MENA region with total assets under management of over KD 1.44 billion (USD 4.67 billion) as of 31 March 2025. Markaz was listed on the Boursa Kuwait in 1997. Over the years, Markaz has pioneered innovation through the creation of new investment channels. These channels enjoy unique characteristics and helped Markaz widen investors' horizons. Examples include Mumtaz (the first domestic mutual fund), MREF (the first real estate investment fund in Kuwait), Forsa Financial Fund (the first options market maker in the GCC since 2005), and the GCC Momentum Fund (the first passive fund of its kind in Kuwait and across GCC that follows the momentum methodology), all conceptualized, established, and managed by Markaz. For further information, please contact: Sondos Saad Corporate Communications Department Kuwait Financial Centre K.P.S.C. "Markaz" Email: Ssaad@
