DUBAI, 24 June 2006 — Gulf Finance House (GFH) yesterday announced two key developments in the establishment of the new Doha-headquartered Islamic Investment bank, “Qatar Finance House.”
PricewaterhouseCoopers in the UK has been appointed to advise the new venture on risk, regulatory and compliance matters. In addition, communication specialists have been commissioned to advise on the name, branding and communication strategy of the bank.
The new bank is the first dedicated Islamic investment bank to be established in Qatar and will be launched with an authorized capital of $1 billion and paid up capital of $500 million. GFH and Qatar Islamic Bank will each own 15 percent of the new bank.
The remaining 70 percent of the equity is being offered by GFH and QIB to strategic and individual investors subject to no shareholder owning more than 5 percent. Listing of the bank through a local holding company or other acceptable structure is planned for the near future subject to stock exchange regulations.
Commenting on the appointment of PricewaterhouseCoopers LLP as advisers, Esam Janahi, chief executive officer and board member, Gulf Finance House, said: “Our steering committee has already done a lot of work to prepare the new bank to start operations.
“The involvement of PwC specialists will add great value to the new venture.