Manama: GFH Financial Group (GFH) today announced the signing of an agreement with Bahrain Bourse (BHB) and the Central Bank of Bahrain (CBB), which will allow the group to offer the Murabaha service to its clients. The service, launched in May 2020, is provided through the utilization of Sharia’a-compliant Ijara Sukuk as the underlying asset for the undertaking of Murabaha transactions. The agreement was concluded through a virtual signing ceremony attended by Mr. Salah Sharif, Chief Operating Officer of GFH, and Shaikh Khalifa bin Ebrahim Al Khalifa, Chief Executive Officer of BHB, and the CBB Executive Director of Banking Operations, Shaikh Salman bin Isa Al Khalifa.

According to the agreement, GFH will now have access to the online service, which offers unique Sharia’a-compliant solutions and trading opportunities that can support the continued growth of GFH’s treasury and capital markets business activities, a significant and expanding business line for the Group.

Among the other benefits of the Murabaha service are significant reductions in processing time for its clients and support for the continued expansion and position of the Kingdom of Bahrain as the global capital of the Islamic economy.

Commenting Mr. Salah Sharif, Chief Operating Officer of GFH, said, “We’re extremely pleased to sign this agreement with Bahrain Bourse for the use of its innovative Murabaha service. Access to the platform is another important step among our broader efforts to further build our trading activities and the service will provide us with new opportunities and greater efficiency as we do so. We look forward to maximizing the benefits of the service and to continue contributing to the growth of the Islamic capital markets and Bahrain’s leadership in Islamic banking and finance overall.”   

Mrs. Narjes Jamal, Chief Operating Officer of Bahrain Bourse said, “We are pleased to see the growing demand for the Murabaha service since its launch last year. Bahrain Bourse is continuously seeking to offer alternative investment solutions to meet the requirements of a broader range of individual and institutional investors, as this comes in line with BHB’s effort to enhance the investment environment and develop the capital market in the Kingdom of Bahrain.”

-Ends- 

About GFH Financial Group B.S.C.

GFH is one of the most recognized financial groups in the Gulf region. Its businesses include Asset Management, Wealth Management, Commercial Banking and Real Estate Development. The Group’s operations are focused in the GCC, North Africa and India. GFH is listed in Bahrain Bourse, Boursa Kuwait and Dubai Financial Market. For more information, please visit www.gfh.com      

Media inquiries can be directed to:
Media Contacts:
FinMark Communications
Zahraa Taher
Tel: +973 39630997
Email: ztaher@finmarkcoms.com 

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.