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KUWAIT CITY, May 17: For the third time in a row, Warba Bank, the fastest growing bank in the corporate and investment sectors, has been awarded the “Fastest Growing Bank in Kuwait’ award for 2017 by Banker Middle East magazine – one of the most credible magazines in banking rating. This new achievement is an addition to the bank’s series of achievements which establishes it as one of the leading institutions in the Islamic banking industry, supports its successes, and enhances its market share.
The representatives of the bank received the award at the award ceremony held on May 11 at Emirates Towers Hotel in Dubai, in the presence of a select group of businessmen and economic sector leaders.
The awarding magazine is specialized in analyzing and providing comprehensive information about the global finance community in a precise, simple and easy-to-understand way. The awards are based on the vote of readers and users of their website, a range of decision-makers in the business and finance community. It is a key reference that sheds light on market changes, giving its readers a clear idea of the complex economic processes taking place in the global business community.
The Award is based on comparing the bank with its peers in terms of the turnaround time, net profit, assets, volume of deposits, total revenue, and turnaround in return on assets and equity.
As a result, Warba Bank was chosen by the magazine to receive the ‘Fastest Growing Bank in Kuwait’ award for 2017, given its recent successes that granted it honorable growth. In its selection, the magazine focused on growth benchmarks in the bank’s various operations, particularly the fact that it has achieved net profits of KD 2,575M by the end of 2016, with a growth percentage of 160%, its assets growth is 45% reaching KD 1.1B, and its return on investment growth is 43% reaching KD 37.5M.
Other criteria have helped the bank win these awards, including the range of services, products, and banking solutions as well as the unique and exclusive digital services that Warba Bank is keen on delivering so as to meet customers’ expectations and satisfy their needs.
Commenting on being awarded such prize, Shaheen Hamad Al-Ghanem, the Bank’s CEO said, “We are proud to have won the ‘Fastest Growing Bank in Kuwait’ award for 2017 from Banker Middle East magazine for the third time. This serves as a solid proof of the bank’s fast pace of growth and the effectiveness of its strategy which aims to establish the bank as a leading Islamic bank in the field of corporate banking and banking services for investments in Kuwait, in addition to providing advanced digital services for individuals.”
Al-Ghanem Added, “That repeated success reflects the bank’s recent successes and the solid foundation of its operations, which are based on in-depth studies of market needs. We continue our development approach and expansion plan at all levels, including targeted operations and investments, in addition to geographical expansion in order to reach all our customers across Kuwait so as to make Warba Bank the first choice for customers who want the best Shari’ah-compliant banking services, the best quality banking solutions, and the most promising investment opportunities.”
Al-Ghanem concluded by pointing out that Warba Bank, in the first quarter of 2017, achieved a net profit of KD 1.3M – four times more than what was achieved during the same period last year. This confirms that Warba bank today competes with a high-level of professionalism and does not hesitate to inject investments necessary to diversify its investment portfolio, and aims to provide a viable and stable return for investors and quality banking services.
Warba Bank’s corporate and investment banking efforts have resulted in the bank winning two prestigious awards from Banker Middle East, namely: “Best Corporate Bank in Kuwait” and “Best Investment Bank in Kuwait” for 2017. These awards are the result of the bank’s pursuit of a development strategy in the corporate and investment sectors and its recent achievements in this regard.
The awarding magazine, Banker Middle East, is specialized in analyzing and providing comprehensive information about the global finance community in a precise, simple, and easy-to-understand way. The awards are based on the vote of readers and users of their website among the field of decision-makers in the business and finance community. It is a key reference that sheds light on market changes, giving them a clear idea of the complex economic processes taking place in the global business community.
Commenting on this achievement, Al Ghanem said: “Thanks to Allah’s Grace, we are proud to say that Warba Bank has achieved a quantum leap in its operations in the corporate and investment sectors by providing them with Islamic banking solutions that meet their expectations and provide them with viable and consistent returns. This is in line with the bank’s strategy that aims to support and enhance banking and financing operations. Our consistent performance has captured the attention of the business community, investors and long-standing rating institutions.
“Thankfully, the bank today enjoys the confidence of the business community and investors who find constructive, viable, and secure opportunities in its investment tools. We will continue to stick to this approach so as to make Warba Bank the first option for investors and businesses by injecting the necessary investments to provide global investment opportunities and develop our services to high standards; in addition to enhancing the bank’s digital infrastructure”, Al-Ghanem added
Since the announcement of its new and ongoing development strategy from 2017 to 2021, the Bank has diversified its options and products for investors and companies. In the first quarter of this year, it achieved an unprecedented success in covering subscription with its USD 250M Sukuk – five times as the issued Sukuk – with an amount of USD 1.3B to enhance its capital to become the most competitive bank in these sectors in particular. In addition, the bank has successfully acquired a £-9M UK car import and export facility leased to Kia Motors with an irrevocable long-term contract until 2037.
As part of the Bank’s commitment to provide innovative Sharia’ah-compliant financing solutions to its customers, Warba Bank has signed a renewable agreement with Al Mulla International Finance Company (AMIFC) whereby the bank will increase the amount of acquiring financing portfolios from AMIFC so as to reach KD 50M.
Al-Ghanem concluded, “During the beginning of the year, we promised our customers and investors that we will be the leading Islamic bank in the corporate banking and investment banking sectors, and will provide advanced digital services to individuals, in addition to provide advanced electronic services that mimic the most important needs of the customer. We are fully determined to take this position in the near future relying on developing our services and investment tools.”