- Kuwaiti Based Warba Bank with the support of the Maples Group establishes its USD 200 million Warba Islamic Income Fund.
- In partnership, the Maples Group provides Warba with comprehensive fund administration, and fiduciary and legal services.
- Warba allocated the funds by establishing a Cayman Island-based Shariah-compliant structure.
Kuwaiti-Based Warba Bank establishes its USD 200 million Warba Islamic Income Fund with the support of the Maples Group. They were able to allocate capital to their fund through establishing a Cayman Island-based Shariah-compliant structure.
Warba Islamic Income Fund
Warba Bank is a publicly traded Islamic bank based in Kuwait and listed on the Kuwait Stock Exchange. Meanwhile, the Maples Group is a service provider that offers clients legal services on the laws of the British Virgin Islands, the Cayman Islands, Ireland, Jersey and Luxembourg. In partnership, the Maples Group provides the Warba fund with comprehensive fund administration, and fiduciary and legal services.
“We are proud to have assisted Warba with this innovative and ambitious transaction, which showcases the flexibility of the Cayman Islands and its continued growth as a key jurisdiction for Shariah-compliant transactions, as well as our well-established track record and unique offering for similar transactions in the MENA region.”
Gurminder Sanghera, Of Counsel based in the Maple Group’s Dubai office.
The fund aims to generate sustainable returns through a defensive Shariah-compliant investment portfolio . Moreover, it focuses on senior-secured direct financing arrangements in mid-sized US companies backed by global financial sponsors.Thus, aligning with their commitment to provide diverse Shariah-compliant investment opportunities to its clients.
Alternative Asset Classes
Recently, investors in MENA have been allocating to alternative asset classes like US private credit for strong returns and diversification. In addition, the GCC region has seen an increase in investor interest for asset classes. Thus, Warba aims to launch the income strategy and a series of similar structures after the fund closes.
Warba Bank is keen on leading islamic financial innovation through offering Shariah-compliant investment funds designed to achieve sustainable returns. These funds focus on various sectors and global markets whilst leveraging strategic partnerships with global financial institutions and regional expertise. In order to provide comprehensive opportunities for investors.
“We are pleased to support Warba’s growth and ambition with a comprehensive array of fund administration services as the firm continues to develop its reach across strategies,” says Fred Tabbal, Regional Head of Fund Services in the Middle East.
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