Warba Bank concludes Ziraat Bank’s finance deal

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KUWAIT CITY, May 23, (KUNA): Warba Bank announced on Monday that a Sharia-compliant finance deal, worth $155 million, was carried out in favor of Turkey’s Ziraat Bank. Warba Bank’s CEO Shahin Al-Ghanim said in a press statement that the deal was initially valued at $75 million, and then was raised to $155 million due to a big turnout for the initial public offering (IPO).

The Sharia-compliant finance will last for a year, he said, adding that the financing process was accomplished in the US dollar and euro.

He noted that Warba Bank continues its expansion policy towards supporting Shariah-compliant finance and the economic sector on Arab, international and regional levels by selecting the best investment chances.

He pointed out that the Turkish economy provides several chances, especially the agricultural sector as it is a main pillar of economy.

Al-Ghanim stressed the keenness of Warba on seizing promising investment opportunities, pointing to a bank facility in New York.

He said the Warba Bank contributed to hiring aircraft for Kuwait Airways in the framework of a deal aiming at leasing five A330-200 planes.

This news has been read 6270 times!

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