Lender’s CEO says sukuk will cover Boubyan Bank’s capital needs until 2018
Kuwait's Boubyan Bank aims to issue sukuk worth $250 million before the end of April, the lender's chief executive said on Monday.
Adel Abdul Wahab Al Majed told reporters of the plan after the company's annual meeting.
Boubyan Bank in January said it had received regulatory approval to issue a capital-boosting sukuk worth $250 million.
Majed added that the sukuk would allow the bank to fulfill Basel III requirements and cover its capital needs until 2018.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.