Maples Group Supports Warba Bank with Launch of US$200 Million Islamic Fund
Warba Bank K.S.C.P. (“Warba”), a Kuwait-based bank with a well-established track record in Islamic finance, has expanded its global investment products offering by establishing a Cayman Islands-based Shariah-compliant structure to allocate capital to its newly established Warba Islamic Income Fund (the “Fund”) with the assistance of Maples Group (“the Group”) and its comprehensive fund administration, fiduciary and legal services capabilities. This is the latest successful project between Warba and the Group, which enjoy a longstanding and growing partnership.
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The Fund aims to generate sustainable returns through a defensive Shariah-compliant investment portfolio focused on senior-secured direct financing arrangements in mid-sized US companies, particularly those backed by global financial sponsors. Investors in the MENA region have been allocating to alternative asset classes such as US private credit as of late in the search for strong returns and to achieve diversification.
“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 – Middle East.
The growing appetite for the asset class among investors in the Gulf Cooperation Council (“GCC”) region in particular prompted Warba to launch the income strategy, with Warba planning to launch a series of similar structures following the Fund’s oversubscribed close.
“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,” says Gurminder Sanghera, Of Counsel at Maples and Calder, the Maples Group’s law firm.
The Fund highlights Warba’s unwavering commitment to providing unique and diverse Shariah compliant investment opportunities to its customers. Warba remains steadfast in its mission to be a trusted partner, delivering innovative solutions that promote growth and financial sustainability for clients and markets.
Warba Bank is at the forefront of Islamic financial innovation, offering a variety of Sharia-compliant investment funds designed to achieve sustainable returns. These funds cover a wide array of sectors and global markets and capitalise on strategic partnerships with global financial institutions and deep regional expertise, ensuring comprehensive opportunities for investors.