Warba Bank is working to set up a sukuk programme of up to USD2bn, the bank’s CEO Shaheen Al-Ghanem told Reuters, with plans for an initial USD500mn issuance this year. Al-Ghanem said the programme is subject to central bank approval. After the initial issuance this year, the rest would be issued over the next few years as needed and the proceeds used to finance operational matters. The Islamic lender is looking to start a new asset management business this year aimed at overseeing cUSD500mn in investments within the next three years, said Ghanem.
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