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KUWAIT CITY, Feb 18, (KUNA): Warba Bank has announced that an agreement has been concluded with Al-Mulla International Financing Company by which the bank will increase the allocated amount of the acquisition of financing portfolios to reach KD 50 million.
This substantial agreement reflects Warba Bank’s commitment to provide innovative financing solutions to its clients in line with Islamic Sharia as well as the bank’s strategy of expansion locally and regionally.
The cooperation comes as a result of the tremendous success realized by both parties during 2016, when the bank acquired from the company a portfolio in the amount of 30 million Kuwaiti dinars.
CEO of Warba Bank Shaheen Hamad Al-Ghanem said, “this agreement represents a good example for companies looking for reliable resources for financing and liquidity, and also reflects the commitment of Warba Bank to offer innovative financing Islamic solutions through its available facilities which will help companies consolidate their assets.
Such an agreement is a clear indication of Warba Bank’s ability to play an effective role in the development of Islamic economy in Kuwait and globally.” On this same subject, Khalid Abdul Aziz Al-Muraikhi, Deputy Chairman and CEO of Al-Mulla International Financing Company said, “We are happy and proud of such joint cooperation with Warba Bank and for this second time to achieve such significant arrangement which will be in the mutual interest of both parties.
Al-Mulla International Financing Company activity has witnessed noticeable growth subsequent to becoming a financing company operating along the principles of Islamic Sharia and licensed by Kuwait central bank in December 2013.” The new agreement derives from Warba Bank’s new strategy being enforced in cooperation with McKinsey & Company International Consultants which is fundamentally based on making available leading banking investment tools and leading financing services that help companies and investors and help develop the profits of the bank and transferring it to a banking facility that would provide leading services for business while pursuing its successes in the retail sector.