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Burgan Bank Secures $500M Sukuk Approval
Bobbyjan Bank announced that it has received preliminary approval from the Central Bank of Kuwait and the Capital Markets Authority to issue perpetual sukuk worth up to $500 million, as part of the additional Tier 1 capital tranche. The bank also informed holders of the sukuk previously issued in April 2021 of the possibility to redeem them on October 1, 2026, following the fulfillment of all necessary conditions and procedures. During the first half of the year, the bank achieved profits of 54.72 million Kuwaiti dinars, compared to 52.3 million dinars in the same period of the previous year, reflecting an annual increase of 5%.
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