Kuwait International Bank announced that it is offering and pricing supporting sukuk 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, Sunday, that the process of offering and pricing the sukuk came after fulfilling the required controls and procedures, provided that the issuance and settlement take place on November 30, 2020.
Kuwait International clarified in the statement that the aim of the aforementioned sukuk is to strengthen the bank's capital base in accordance with the capital adequacy ratio (Basel 3) standard.
The bank had decided, on November 18th, to issue sukuk (securities) within the second tier of capital with a value not exceeding $ 300 million.
The bank’s profits declined 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. < / p>
