The Warba Bank of Kuwait was to be listed in the country's stock exchange by Sept.3.  The Islamic lender set up three years ago is now preparing for listing as the restriction on the public trades of the bank's stock was lifted, according to anonymous sources familiar with the matter.

The sources for the news were an analyst and an industry source as Warba Bank was not immediately available for comment.

The majority of shares in the lender were given out as gifts to Kuwaiti nationals. The said shares had a capitalization of KWD100 million as part of the wealth sharing program of the kingdom. Each Kuwaiti national would be receiving 684 shares and accounts for 76% of outstanding shares.

The remaining 24% of the Bank would be retained by the sovereign wealth fund Kuwaiti Investment Authority. The said share listing did not include the sale of any new shares in the bank.

There is a legal restriction as to the trading of the shares of stock given for three years after the April 2010 date of establishment. There have been private transactions provided since the expiry of the prohibition period had passed earlier in the year.