Probably I'm one of the few non Kuwaitis who has been wondering when Warba Bank would be officially launched.
Earlier this year, the Kuwaiti Government announced the formation of this Islamic Bank with a rather unique feature. The Kuwait Investment Authority will subscribe for 100% of the capital KD 100 million (US$350 million). Then 76% of the shares in the bank will be distributed among Kuwaiti citizen alive on the date of the official launch of the bank.
It seems the founding general meeting will be held on 21 December as the Council of Ministers has given the formal authorization for KIA to go ahead with the meeting. A Board will be elected. Then each Kuwaiti citizen will get his share allotment.
(Clearly Warba is a place name as the standard dictionary definition would not do for a bank - Islamic or otherwise).
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