Under the patronage and attendance of His Highness the Amir Sheikh Sabah Al Ahmed Al Jaber Al Sabah, Warba Bank celebrated its official launch in a grand ceremony that took place at Salwa Sabah Al Ahmed Ballroom.
The bank started its operations during the first quarter of 2012, with the opening of four branches.
The ceremony also witnessed the attendance of His Highness the Crown Prince Sheikh Nawaf Al-Ahmed Al Jaber Al-Sabah, Parliament Speaker Ahmed Abdulaziz Al Saadoun, Prime Minister Jaber Al Mubarak Al Hamad Al Sabah, as well as several Ministers, Sheikhs and VIP guests.
The ceremony commenced with the National Anthem, followed by a recitation of the Holy Quran. Warba Bank came into existence with the issuance of an Amiri decree and is registered in the Islamic Banks’ register of the Central Bank of Kuwait since April 5, 2010. The Government, represented by the Kuwait Investment Authority (KIA), owns 24 per cent of the bank’s total capital. The remaining 76 per cent has been granted to the entire Kuwaiti population, with 684 shares per individual, subscribed and paid by the Government. The authorized share capital of Warba Bank is KWD 100 million.
The idea of launching the bank reflects the cooperation between the legislative and executive authorities, as the decision of establishing the bank came by a Parliament initiative that was endorsed by the government. Such a national project of economic significance serves the target of turning Kuwait into a financial and commercial hub, and accomplishes several national goals towards pursuing continuous development in Kuwait.
During the event, narrator and actor Jassim Al Nabhan introduced the audience to the story of the bank’s formation and the stages of its establishment as a Kuwaiti shareholding company. The bank is marked to be the first of its kind on a worldwide scale since the Kuwaiti government pioneered in establishing a bank for the nationals to meet their economic and financial needs while providing financial stability for the coming generations.
Concluding the event, His Highness the Amir received a memorial shield presented by the Chairman and Managing Director of Warba Bank, Jassar Dakheel Al Jassar.
In the first quarter of 2012, Warba Bank successfully opened four branches in Hawalli, Al Qibla, Salmiya, and Sharq, in addition to special segregated branch facilities for ladies, given the importance of this segment. The openings came in line with the ambitious strategy of the banking group to reach the biggest segment of clients in different areas in Kuwait. The bank also plans to open one more branch before the end of 2012.
Warba Bank commits to offering the best e-services and the latest technological solutions given its cooperation with specialized global technological companies. At the retail segment, the bank offers the opening of several types of accounts, financing, and presents various banking cards including the ATM, credit cards and prepaid cards, in addition to offering financial solutions for its clients. At the wholesale segment, the bank leads a fully operational corporate and investment banking solution service for its clients. Warba Bank offers Shari’ah-compliant banking products and services.
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