GFH Financial Group, a Bahrain-based investment bank, announced that its subsidiary Khaleeji Commercial Bank has finalized the issuance of sukuk worth $159 million.
“The successful closing of the AT1 will strengthen the financial position of the Group’s subsidiary which will invest in enhancing its e-banking channels, and compete with its peers for a bigger market share,” GFH said in a statement on Dubai Financial Market (DFM).
“This will have a positive impact on the Group’s financial position and profitability reflected by the growth of its subsidiary,” the statement added.
GFH is listed on Bahrain Bourse, Kuwait Stock Exchange and Dubai Financial Market (DFM).
The group announced a profit attributable to shareholders for the year 2019 of $80.1 million, compared to $114.1 million in 2018.
Khaleeji Commercial Bank is an Islamic Bank, based in Bahrain. The bank’s shares are listed on Bahrain Bourse and DFM.
(Reporting by Gerard Aoun; editing by Seban Scaria)
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