Warba Bank today announced that they successfully arranged a US$155 million syndicated financing facility for a UAE based leading Oil Services Company incorporated in 2006. Warba Bank participated with a stake of $25M in this transaction along with Noor Bank and Qatar Islamic Bank.
The Obligor is a world-class oilfield services company serving the entire Middle East North Africa (MENA) region and enjoys a dominant market position with a stable customer base. The Company offers a complete range of oilfield services and has appropriate infrastructure to cater to Multi National Oil and Gas exploration and drilling companies (MNOCs).
Furthermore, the Obligor has concluded number of acquisitions to create foray in other regional and international markets and is actively in pursuit of penetrating the KSA market in due course.
The transaction underlines Warba Bank’s commitment to structure and promote risk optimal innovative Sharia compliant solutions for its customers. This supports the strategy of Warba Bank to expand into the promising developing markets and provide sharia compliant financing solutions to newer markets and diverse customers.
The syndicated financing facility agreements have been signed in Dubai in an event attended by the CEO of the Company, the Deputy CEO – Investment & Treasury of Warba Bank, CEO of Noor Bank and Wholesale Banking – General Manager of Qatar Islamic Bank.
Mr. Shaheen Al Ghanem, the Deputy CEO of Warba Bank commented “We are indeed very excited about this transaction; this is one of the many deals that Warba expects to bring to the market in this calendar year. We very much value our strategic relationship with Noor Bank and Qatar Islamic Bank, pre-eminent leaders in the regional financial markets.” Mr. Shaheen reiterated this transaction is in lines with Warba’s strategy to tap in to the developing markets with significant potential for sharia compliant products in a risk optimal manner. Warba Bank is uniquely positioned to deliver exceptional financing solutions to its customers and is actively pursuing corporate finance activities globally with special emphasis on MENASA and with key focus on supporting the socially responsible lines of businesses.
Warba Bank has been named, according to Banker Middle East Magazine, the “best new bank in the Middle East” from among a number of newly established banks in the Middle east. Banker Middle East awards honor the best performance of financial institutions across the MENA region. Final winners were selected by a jury panel of independent industry think-tank. Warba Bank is always keen to enhance the level of customer service, and cater to customers’ financing and investment needs by introducing a number of Sharia compliant banking products and services.
About Warba Bank
Warba Bank is a sharia compliant Bank established by virtue of an Amiri Decree and was officially registered in the Central Bank of Kuwait’s list of Islamic Banks on April 5, 2010. The State of Kuwait, represented by the Kuwait Investment Authority (KIA), owns 24% of the Bank’s shares and circa 5.0% are held by the Pension Fund of Kuwait; the remaining being held by general public. At the time of inception, 76% of Warba’s share capital was subscribed to by the Government of Kuwait and distributed amongst all Kuwaiti citizens equally. The Bank is now listed on the Kuwait Stock Exchange Warba offers a wide range of services and solutions compatible with the principles of Islamic law, which are available across the three sections of the bank, namely: retail banking services, corporate banking services, and investment banking services. The Bank has 7 branches strategically located within Kuwait, and a staff of over 250.