Press Release
GFH BOARD MEETS GOVERNOR OF CBB
Manama, Bahrain, Wednesday 17th February, 2010 - The Chairman of Gulf Finance House (GFH) Mr. Esam Janahi and the Board of Directors of (GFH) held a constructive meeting on the 15th of February 2010 with the Governor of the Central Bank of Bahrain (CBB), HE Rasheed Al Maraj and other CBB officials. The meeting was also attended by other senior officials of both the Central Bank of Bahrain and Gulf Finance House.
GFH Board Members present at the meeting were: Mr. Hamad A. Al Shaya, Board’s Deputy Chairman; Mr. Antony Travis, Independent Consultant and Head of the Audit Committee; Mr. Bader N. Al Subaiee, Managing Director of Kuwait Investment Company (KIC); Mr. Musabah Al Mutairy, General Manager of the Royal Guards Pension Fund of Oman; Mr. Yousuf Khayat, Representative of the Saudi Economic and Development Company (SEDCO); Mr. Adel D. Al Ohali, General Manager of Ohali Group; Mr. Abdulla Ali Al Hamli, Chief Executive Officer of Dubai Islamic Bank (DIB); Mr. Abdul Latif Al Meer, Representative of Qatar Islamic Bank (QIB); Mr. Mohammed Ebrahim, CEO of Bahrain Islamic Bank (BISB). Mr. Ted Pretty, Acting Chief Executive Officer of GFH was also present at the meeting.
A number of issues were discussed during the meeting including: GFH’s business plan and strategy for 2010; the steps taken by GFH to strengthen its liquidity position and its successful refinancing initiatives along with the measures taken to reduce the financial strains on the Bank; the provisions taken in the recently announced financial results; the progress of non - core asset disposals and; on the future growth plans that will return GFH to profitability.
HE Rasheed Al Maraj highlighted the importance of the continued cooperation between GFH and the CBB and the importance of updating the CBB with the latest developments at GFH. The Governor added that the initiatives and steps taken by GFH would contribute to improving its current position and would allow it to see through this difficult period. Moreover, he wished the Board and the Bank all the best in implementing its plans.
Mr. Esam Janahi, GFH Chairman, extended his thanks to the Governor for the meeting. He further expressed the high esteem and respect that the GFH Board holds for the CBB given its role in supervising the activities of banks and financial institutions in Bahrain. Mr. Janahi also highlighted the importance of these measures in strengthening the financial institutions in Bahrain and in supporting Bahrain’s position as a regional hub for financial and banking activities.
Ends
About Gulf Finance House
Established in 1999, Bahrain based Gulf Finance House (GFH) is one of the most successful and innovative Islamic investment banks in the Middle East. GFH historically focused on the conception and delivery of high value economic infrastructure projects. The Bank has also offered a diversified product range with a number of venture capital, private equity and asset management initiatives in addition to pioneering a number of Islamic financial institutions.
In addition to its share listings on the Kuwait and Bahraini Stock Exchange’s and the Dubai Financial Market, 2007 witnessed the Bank’s GDR listing on the London Stock Exchange. Over the past year, GFH has evolved its business model with a view to establishing itself as the world’s leading Islamic investment bank. Under this new structure GFH will essentially operate with two primary businesses, GFH Real Estate & Infrastructure and GFH Capital.
The Bank has won numerous local and international awards as a testimony of its commitment to excellence and its pioneering and innovative approach, including “Best Investment Bank” three years running (2005-2007), awarded by Banker Middle East; “Best Islamic Investment Bank” by World Finance 2007; “MENA Investment Bank of the Year 2008″ by Acquisitions Monthly; “Best Investment Bank 2008″, by Islamic Banking and Finance; and “Best Islamic Finance House” at the Banker Middle East Industry Awards 2009.
For further information please contact:
Ahmed Al-Derazi
Public Relations - Corporate Communications Team
Tel: +973 17 538538 Ext (ext. 274)
Email:
Website: www.gfh.com