According to Kuna, the Kuwaiti cabinet approved Monday night a draft decree to establish a bank with 100 million Kuwaiti Dinars (KD) (USD 349 million) capital, a government official said.
The cabinet, in its weekly meeting, approved the establishment “Warba Bank” as a Kuwaiti shareholding company with 24 percent of its stocks owned by state-owned Public Investment Authority, Minister of State for Cabinet Affairs Roudhan Al-Roudhan told KUNA after the meeting.
He said the remaining 76 percent of stocks would be granted as bonus shares for all Kuwaitis, starting from publication of decree in the official gazette.
A cabinet statement said that His Highness the Amir Sheikh Sabah Al-Ahmad Al-Sabah instructed the establishment of Warba Bank as a shareholding company working in compliant with the Islamic Sharia rules.
The statement said the cabinet approved the draft decree and referred to it to His Highness the Amir for ratification.