(MENAFN- Arab Times) KUWAIT CITY Feb 22 (KUNA): Warba Bank announced Sunday that it has successfully arranged a $150 million sharia-complaint syndicated facility for financing the International Bank of Azerbaijan (IBA). In a press statement the Bank said it participated with a stake of $20 million in this transaction along with JP Morgan Bank Citigroup Barwa Bank Al Hilal Bank Noor Bank and Dubai Islamic Bank.
It also announced contributing $15 million to another $80 million sharia-complaint facility arranged by HSBC for the Turkish Ozun group. Shaheen Al Ghanem the Deputy CEO of Warba Bank underlined that the transactions are in line with the bank''s strategy to expand into new regional and international markets and provide sharia-compliant financing solutions to new and diverse customers.
Warba Bank was established by an Amiri decree on April 5 2010. The Kuwait Investment Authority has 24 percent-share in the Bank and the residue is owned by Kuwaiti citizens. The Bank offers a range of customized Sharia-compliant services and solutions through three groups: Retail Banking Group Corporate Banking Group and Investment Treasury Group. It 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.
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