Boubyan Bank gets CBK’s approval to raise USD250 million sukuk; reports KWD35 million net profit for FY2015
Boubyan bank, a subsidiary of National Bank of Kuwait (NBK), announced that it has received preliminary approval from Central Bank of Kuwait (CBK) to issue Islamic Sukuk which is expected to reach USD250 million. The sukuk issuance will be Basel III compliant that will enhance the bank’s Tier 1 or core capital. The bank will take a final decision regarding the issuance after receiving all necessary approvals. Boubyan reported FY2015 net profit of KWD35.2 million, up 25% Y-o-Y compared to KWD28.2 million in 2014. (Bloomberg)
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