| 15 Nov 2009 |
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Gulf Finance House place second US$100 million convertible murabaha facility with Deutsche Bank
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Manama, Bahrain, Sunday 15th November, 2009: Gulf Finance HouseGulf Finance House
(GFHGFH), the leading Middle Eastern Islamic investment bank announced it has signed an agreement today with Deutsche BankDeutsche Bank for the placement of its second US$ 100 million convertible murabaha facility. The announcement is the latest success in the broader GFHGFH liquidity and capital management plan that includes rights issue subscriptions of over US$ 300 million dollars, the partial sale of QinvestQinvest to Qatar Islamic BankQatar Islamic Bank for approximately US$ 51 million and the planned placement of the first US$ 100 million convertible murabaha with Macquarie Group.In recent months GFHGFH has made clear its intention to build a genuinely global Islamic financial institution and in conjunction with the restructuring of the bank and the rejuvenation of the business model, strengthening the balance sheet has been a core strategic focus. The deal with Deutsche BankDeutsche 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 GFHGFH. The convertible murabaha instrument is also the very first of its kind to be deployed and underlines the progressive and innovative Sharia'a structuring capabilities that GFHGFH can call upon.
GFHGFH Group CEO, Ahmed Fahour commented on the announcement today saying, "The deal we have signed today is emblematic of the huge strides GFHGFH has taken over the past two months and it marks the successful conclusion of our equity raising program. 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 BankDeutsche Bank have confirmed their belief not simply in the growth potential of Islamic finance but the ability of GFHGFH to lead the emergence of Islamic finance on the global stage. We are delighted to be working with Deutsche BankDeutsche Bank as we build the world's leading Islamic investment bank."
"Right now, our focus will shift to the rollover of our US$ 300 million debt facility, the sale of further non-core assets and the establishment of a diversified and enhanced investment banking business."
Christopher Laing, Managing Director and Head of MENA Equity Capital Markets at Deutsche BankDeutsche Bank
added, "Islamic banking has demonstrated tremendous growth over the past decade and we believe it has a very exciting future. Gulf Finance house is a leading exponent of Sharia'a finance and perhaps the most dynamic in terms of its swift adaptation in a tough marketplace. We're delighted to be working with them and we look forward to a prosperous relationship." -Ends-
About Gulf Finance House
Founded in 1999, Gulf Finance HouseGulf Finance House
has grown rapidly to become one of the leading Islamic investment banks in the Middle East region in terms of the quality and innovation of its product offering. Over a decade, Gulf Finance HouseGulf Finance House has successfully launched initiatives across economic infrastructure, venture capital, private equity and asset management with an aggregate end value exceeding US$30 billion. Its shares are actively traded on the London Stock Exchange (GDR), the Kuwait Stock Exchange, the Bahrain Stock Exchange and the Dubai Financial Market. Reflecting its international reputation, Gulf Finance HouseGulf Finance House has won numerous local and international awards, such as "Best Investment Bank" for three years in a row in 2005, 2006 and 2007, awarded by The Banker Middle East, "Bank of the Year 2006" awarded by the Arabian Business Magazine, "MENA Investment Bank of the Year 2008" by Acquisitions Monthly, and "Best Investment Bank 2008", by Islamic Banking and Finance; and "Best Islamic Finance House" at the Banker Middle East Industry Awards 2009.
For further information please contact:
Ahmed Al-Derazi
Public Relations - Corporate Communications Team
Tel: +973 17 538538 Ext (ext. 274)
Email: aalderazi@gfh.com
Website: www.gfh.com
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