GULF Finance House (GFH) has announced it has signed an agreement with Deutsche Bank for the placement of its second $100 million convertible murabaha facility. The announcement is the latest success in the broader GFH liquidity and capital management plan that includes rights issue subscriptions of over $300 million, the partial sale of Qinvest to Qatar Islamic Bank for approximately $51 million and the planned placement of the first $100 million convertible murabaha with Macquarie Group.
The deal with Deutsche Bank, alongside the existing relationship with Macquarie Group is indicative of the interest major global financial institutions are now taking in the evolving Islamic finance sector and GFH. “The deal we have signed today is emblematic of the huge strides GFH has taken over the past two months and it marks the successful conclusion of our equity raising program,” said Ahmed Fahour GFH Group CEO.
“We have worked tirelessly to redesign the business model and structure the bank for a new period of international growth and our shareholders have indicated their emphatic support in what is now the Middle East’s largest non-governmental equity capital raising initiative in 2009. Today, Deutsche Bank has confirmed their belief not simply in the growth potential of Islamic finance but the ability of GFH to lead the emergence of Islamic finance on the global stage. We are delighted to be working with Deutsche Bank as we build the world’s leading Islamic investment bank,” he added.