Credit Agricole to raise €250 million through Islamic financing for Bahrain Financial Harbour

Published February 25th, 2004 - 03:00 GMT

Gulf Finance House (GFH) has signed a Memorandum of Understanding (MoU) with France's Credit Agricole Indosuez (CAI), the leading French investment bank, to raise €250 million through Islamic financing.

“The Islamic financing deal with CAI will allow us to expand our sources of finance further in the global markets," said CEO of GFH, Esam Janahi. The funds raised through this financing deal will be utilized for the Bahrain Financial Harbour (BFH) development, as well as for other projects initiated by GFH,” he added.

The Bahrain-headquartered GFH is an Islamic investment bank offering investment products in the real estate, commercial and technology sectors. The bank also provides structured finance and securitization, liquidity management, consultancy and advisory services. GFH is the placement agent and lead financial advisor for the BFH development.

CAI, which has been present in the Gulf Cooperation Council (GCC) for several decades, is the corporate and investment banking arm of Credit Agricole, France’s largest bank. With a strong presence in corporate and investment banking, the capital markets and international business, through its network of offices in 60 countries, it is expanding rapidly in the asset management and private banking markets, in France, Europe and across the world. — (menareport.com)