Kuwait International Bank (KIB) decided to issue sukuk (securities) within the second tier of capital with a value not exceeding $ 300 million.
The bank said in a statement to the Kuwaiti Stock Exchange, today, Wednesday, that these sukuk can support the bank's capital base according to the standard of capital adequacy ratio (Basel 3). p>
Kuwait International explained that these securities will be issued through a special purpose company, and the sukuk will be listed on the London Stock Exchange.
The bank indicated that the final profit rate for the issue will depend on global market conditions.
The bank’s profits fell 95.6% in the first nine months of this year, to reach 567.78 thousand dinars, compared to 12.8 million dinars profits for the same period in 2019.
