Kuwait -Warba Bank has received the Kuwaiti Capital Markets Authority's (CMA) approval to issue sukuk at a value not exceeding $500 million.

The issuance is part of a sukuk programme at a maximum value of $2 billion, the bank said in a statement to Boursa Kuwait on Sunday.

The bank seeks to launch, market, and sell these sukuk in Kuwait, the statement added. In mid-July, Warba Bank announced obtaining the Central Bank of Kuwait’s (CBK) preliminary approval to issue sukuk at a value not exceeding $500 million.