GFH receives Islamic loan

GFH receives Islamic loan

Published: August 27, 2014

Bahraini investment bank agrees US$105mn murabaha facility with Kuwait Finance House Bahrain.

Gulf Finance House (GFH), a Bahraini investment bank, has secured an Islamic credit facility worth US$105mn.

The murabaha funding is coming from Kuwait Finance House Bahrain, a division of the Kuwaiti bank. As part of the deal, KFH-Bahrain will have the opportunity to convert outstanding debt into GFH shares.

GFH will use the money to repay two existing debt facilities from a syndicate of 27 banks.

GFH’s latest results, for the first half of 2014, show profits rising to US$10.6mn from US$4.2mn in the first half of 2013. Total income more than trebled to US$88.2mn from US$24.5mn in 2013.