Central Bank of Kuwait Grants Approval for Kuwait International Bank’s USD 2 Billion Sukuk Programme

Kuwait International Bank (KIB) has received preliminary approval from the Central Bank of Kuwait on the 30th of June 2020, for a potential Sukuk Issuance.

According to a filing with Boursa Kuwait, KIB stated that the Sukuk program will be for a value up to USD 2 billion. It also stated that the first Sukuk issuance under this program will be up to USD 750 million or equivalent in other currencies. However, KIB did not indicate an expected date for the issuance of the first Sukuk.

KIB revealed that the final approval for the Sukuk will be subject to its submission of the prospectus associated with the issuance. 

Meanwhile, KIB also stated that it will...