KUWAIT: His Highness the Amir Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah arrives to officially inaugurate Warba Bank in Salwa Sabah Al-Ahmed Ballroom yesterday. His Highness the Crown Prince Sheikh Nawaf Al-Ahmed Al-Jaber Al-Sabah attended the event
KUWAIT: Under the patronage and attendance of His Highness the Amir Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah, Warba Bank yesterday celebrated its official launch during a ceremony at Salwa Sabah Al-Ahmed Ballroom. The bank started operating during the first quarter of 2012 with the opening of four branches.
His Highness the Crown Prince Sheikh Nawaf Al-Ahmed Al-Jaber Al-Sabah, Parliament Speaker Ahmed Abdulaziz Al-Saadoun, Prime Minister Jaber Al-Mubarak Al-Hamad Al-Sabah, as well as several ministers, sheikhs and VIP guests, attended the ceremony.
His Highness the Crown Prince Sheikh Nawaf Al-Ahmed Al-Jaber Al-Sabah, Parliament Speaker Ahmed Abdulaziz Al-Saadoun, Prime Minister Jaber Al-Mubarak Al-Hamad Al-Sabah, as well as several ministers, sheikhs and VIP guests, attended the ceremony.
The event opened with the national anthem, followed by a recitation of the Holy Quran. Warba Bank came into existence with the issuance of an Amiri decree and has been registered in the Islamic Banks’ register of the Central Bank of Kuwait since April 5, 2010. The government, represented by the Kuwait Investment Authority (KIA), owns 24 percent of the bank’s total capital. The remaining 76 percent has been granted to the entire Kuwaiti population, with 684 shares per citizen, subscribed and paid for by the government. The authorized share capital of Warba Bank is KD 100 million.
The idea of launching the bank reflects the cooperation between the legislative and executive authorities, as the decision to establish the bank was a result of an initiative by Parliament that was endorsed by the government. Such a national project of economic significance serves the target of turning Kuwait into a financial and commercial hub, and accomplishes several national goals towards pursuing continuous development in Kuwait.
During the event, narrator and actor Jassim Al-Nabhan introduced the audience to the story of the bank’s formation and the stages of its establishment as a Kuwaiti shareholding company. The bank is marked to become the first of its kind on a worldwide scale since the Kuwaiti government pioneered establishing a bank for the nation’s citizens to meet their economic and financial needs, while providing financial stability for the coming generations.
Concluding the event, His Highness the Amir received a memorial shield presented by the Chairman and Managing Director of Warba Bank, Jassar Dakheel Al-Jassar.
Concluding the event, His Highness the Amir received a memorial shield presented by the Chairman and Managing Director of Warba Bank, Jassar Dakheel Al-Jassar.
In the first quarter of 2012, Warba Bank successfully opened four branches in Hawalli, Al-Qibla, Salmiya, and Sharq, in addition to special segregated branch facilities for women, given the importance of this segment. The openings came as part of fulfilling the ambitious strategy of the banking group to reach the largest segment of clients in different areas in Kuwait. The bank also plans to open one additional branch before the end of 2012.
Warba Bank commits to offering the finest e-services and the latest technological solutions, given its cooperation with specialized global technological companies. At the retail segment, the bank offers the opening of several types of accounts, financing, and presents various banking cards, including the ATM, credit cards and prepaid cards, in addition to offering financial solutions for its clients. For the wholesale segment, the bank leads a fully operational corporate and investment banking solution service for its clients. Warba Bank also offers Shariah-compliant banking products and services.
There is demand for Shariah-compliant banks: Al-Jassar
By Velina Nacheva, Staff Writer
KUWAIT: Warba Bank is making arrangements with local banks for the financing of the complex of the national industries estimated at KD 100 million – a loan that Jassar Dakheel Al-Jassar, Chairman and Managing Director of Warba Bank, calls “a big achievement” because it is the biggest financing operation by a young bank. In remarks Al-Jassar made to the press on the sidelines of the official inauguration ceremony of Warba Bank yesterday, he said that the Warba shares of the loan will be governed by the provisions of the Central Bank.
He said that Warba Bank has an advantage over its counterparts in the market because it is a new bank with “a very clean balance sheet”. “There is a demand for Shariah-compliant banks in Kuwait,” Al-Jassar said. Stressing that there are opportunities for more Islamic banks in the country, he said that competition will create a challenge for local players to introduce more products and services.
He also said that over the last four months since its establishment, Warba Bank has made remarkable progress. Al-Jassar pointed out an investment in China as one such achievement which brought a 40 percent return on the investment. The purchase of the British Telecom headquarters in UK which has been subsequently leased for 15 years, Al-Jassar pointed as another Warba Bank feat, in addition to the lease of properties in the US.
Since its launch, the bank has been implementing its strategy which has been tailored in cooperation with one of the most reputed consultants. Part of the strategy, Al-Jasser said, includes the bank’s three sectors: Retail, Investment and Corporate Banking. Each sector has a timeframe, Al-Jassar added. As for the bank’s expansion plans, Al-Jassar said, Warba Bank will stretch its current network to a total of five branches with the opening of its fifth branch in the third quarter this year.
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