The Bahrain Monetary Agency (BMA) has granted a license to Gulf Finance House (GFH) to establish a full commercial banking subsidiary, which will conduct real estate related transactions.
The new subsidiary, which will be set up with a capital of $80 million, will offer financing and investment products, based on Islamic principles and related specifically to real estate, stated a press release.
GFH currently operates as an Islamic investment bank, with a paid up capital of $65 million. The bank will raise its capital to $135 million through a rights issue for existing shareholders and a private placement.
Current GFH shareholders are Kuwait Finance House, Dubai Islamic Bank, Bahrain Islamic Bank, Qatar Islamic Bank, Gulf Investment House, Islamic Development Bank, Aref Investments Group, the Saudi Economic and Development Company (SEDECO) and other institutional and individual investors.
New shareholders include General Pension and Social Security Authority of the United Arab Emirates (UAE), Kuwait Investments Company, Global Investment House, Al-Shayie Group, Al-Zamil Group, Al-Babtin Group and other institutional and individual investors.
The new venture will undertake a wide range of real estate banking activities, such as retail and project financing, direct investments and investment planning, venture capital, structured finance and syndication, asset management, property management and financial advisory services. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
