Akin Advised Warba Bank On Sustainable Sukuk Issuance In Kuwait

Akin Advised Warba Bank On Sustainable Sukuk Issuance In Kuwait

Akin, a prominent international law firm, has played a pivotal role in advising Warba Bank K.S.C.P. on a historic financial milestone—the establishment of a $2 billion Trust Certificate Programme and the issuance of $500 million (5.351%) Sustainable Trust Certificates due 2029. This issuance marks a significant achievement as the first-ever sustainable issuance out of Kuwait, positioning Warba Bank at the forefront of sustainable finance in the region.

Warba Bank, a leading Islamic financial institution listed on Boursa Kuwait, has been operational since 2010. The proceeds from this landmark issuance will be utilized in accordance with Warba Bank's sustainable finance framework, underscoring its commitment to responsible financial practices.

The Sustainable Certificates were issued under a Sukuk Al-Wakala / Murabaha structure and were dual-listed on the International Securities Market of the London Stock Exchange and Nasdaq Dubai. This dual listing enhances the visibility and accessibility of the issuance to a global investor base.

The transaction garnered exceptional interest from investors worldwide, resulting in an order book exceeding $1.8 billion. This overwhelming demand underscores the strong investor confidence in Warba Bank's financial health and the appeal of sustainable financing instruments in the current market landscape.

Leading the Akin team on this transaction was Capital Markets Partner Rizwan Kanji, supported by Counsel Nicola Minervini and Associate Sahar Abas. Their expertise and strategic guidance were instrumental in navigating the complexities of this landmark deal, solidifying Akin's reputation in the international legal arena.