His Highness the Amir with the other dignitaries
Amir sponsors official launch of Warba Bank Range of Sharia-compliant services on offer

KUWAIT CITY, May 23: His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah graced the official launching ceremony of Warba Bank at the Salwa Sabah Al-Ahmed Ballroom. 

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-Sabah were also in attendance along with several Government ministers and other VIP guests.

Warba Bank is an Islamic Bank established by virtue of an Amiri Decree, officially registered in the Central Bank of Kuwait’s list of Islamic Banks on the 5th of April, 2010. Kuwaiti Government, represented by Kuwait Investment Authority, owns 24% of the bank’s total capital while the remaining 76% have been equally allotted to all Kuwaiti nationals, i.e. 684 shares per individual, subscribed and paid by the government. The bank started its operations during the first quarter of 2012 with branches in four locations of Hawalli, Al-Qibla, Salmiya and Sharq with over 150 employees.

The ceremony commenced with the singing of the national anthem, followed by a recitation of the Holy Quran. During the event, presenter Ahmed Al-Nabhan introduced the audience to the story of the bank’s formation and the stages of its establishment as a Kuwaiti shareholding company.
His Highness the Amir was presented a shield by the Chairman and Managing Director of Warba Bank, Jassar Dakheel Al-Jassar.

Threshold
Al-Jassar, acknowledged the eminent gathering, expressing great pleasure at their attendance, “Today we stand on the threshold of a new achievement is added to the achievements of our modern beloved Kuwait in the era of our beloved Amir, and this is the launch of Warba bank, a symbol reflects the State’s keenness on the development of the nation and to achieve comprehensive development and support its citizens to achieve prosperity and social justice.”

He added, “The bank was founded thanks to the grace of God Almighty and then the concerted efforts of the Government, the Central Bank of Kuwait, the General Authourity for Investment and members of the Board of Directors of Warba Bank and its staff. Despite the challenges we faced in particular and the banking system in general due to the global financial crisis and its aftermath, placing reliance on God Almighty and our determination to succeed and fulfill our promises and ambitions and your trust in us and bear the trust placed on us to enrich the experience of Islamic financial institutions; this strengthened our resolve and increased our determination and we pursued to achieve the dream of launching Warba bank.”

The bank is marked to be the first of its kind since the Kuwaiti government pioneered in establishing a bank for the nationals to meet their economic and financial needs while providing financial stability for the coming generations.

The launching of Warba is a result of the cooperation between the executive and legislative authorities when the decision of establishing the bank by a parliament initiative was endorsed by the government. This national project seeks to turn Kuwait into a financial and commercial hub and facilitate the accomplishment of several national goals towards pursuing continuous development in Kuwait.
Chairman Al-Jasser shared, “We have chosen a set of values that will define our methodology of work and will reflect the values of our well-bred society Kuwaiti, we believe that the road towards building our society will be through our transparency, and we believe that leadership can only be achieved with excellence and distinction. We believe that progress in our services will be the key to our credibility, and that the fulfillment of the promises is the way to gain confidence.”

This new financial structure that involves the citizens of the State evenly marks a vital chapter in history of Islamic banking.  Chairman Al-Jasser affirmed that the bank would strive to expand to fulfill the aspirations of the State and its people, stressing, “We look forward to the future filled with optimism and determination; we are confident in our ability to continue this success and strive towards goals which would raise our beloved country and benefit its citizens.”

The bank offers a range of customized Sharia-compliant services and solutions through the banks three divisions of Retail, Investment and Corporate Banking. The bank also offers segregated branch facilities for ladies and plans to open one more branch before the end of the year.

Officials stressed the bank’s commitment to offer the best e-services and the latest technological solutions given its cooperation with specialized global technological companies. In the retail segment, the bank offers the opening of several types of accounts, financing, and presents various banking cards in addition to financial solutions for its clients. At the wholesale segment, the bank leads a fully operational corporate and investment banking solution services for its clients.




 


By: Cinatra Fernandes Arab Times Staff

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