Press Release
GFH establishing Syria Finance House with 15 billion Syrian pounds
Manama, Bahrain, Saturday 6th March, 2010 - Gulf Finance House (GFH) announced that its in an advanced stage for establishing one of the largest Islamic banks in Syria under the name of Syria Finance House (SFH).
GFH along with a number of prominent and reputed local Syrian business partners who are involved in the industrial, financial and commodity sectors, are working to position the bank as the leading and one of the largest Islamic banks in Syria, with a capital of SYP 15 billion (the equivalent of US$ 333 million).
Once the final stage of approval has been secured from the Central Bank of Syria, the Bank will conduct an IPO for 30% of its capital whilst 10% will be funded from the local partners and the remaining 60% will be funded from GFH, strategic financial institutions and its investors.
“GFH has an established record of creating successful tailored Islamic financial institutions and its unique ability to identify hidden value and unlock its potential across emerging economies and SFH will be no exception”, said Chairman of GFH, Esam Janahi. “We are aiming to establish a comprehensive Islamic bank that provides a suite of commercial and investment activities catering to the growing demands in the Syrian market, and we are delighted to receive the support of all Syrian authorities” he continued.
“Islamic commercial and investment banking in Syria promises great potential for growth with a significant demand for Islamic financial services and low penetration,” commented GFH Group CEO, Ted Pretty. “The Syrian market enjoys excess liquidity, with deposits amounting to 41% of GDP last year, which could be utilized in developing the country in line with the Syrian Government’s plans ambitions for socio - economic growth and prosperity,” he continued.
“We have been working closely with our Syrian partners for over a year, laying down the framework, strategy and business model for SFH,” commented Head of Venture Capital and Private Equity, Hisham Alrayes. “We have also been discussing with the Syria Investment Authority on initiating a number of industrial and infrastructure projects in Syria to be undertaken by SFH.”
Syrian co - partner Saib Al Nahas highlighted the significance of the announcement, commenting that “through SFH we aim to build the leading Islamic bank in Syria, capitalizing on the growing demand for quality Islamic financial products in the infrastructure, investment and commercial banking sectors. This is a great opportunity for the country as it begins to establish a strong and competitive financial sector, especially in the areas of Islamic banking, which has shown great resilience and proved its strengths in the wake of the global financial crisis. GFH will be bring their established industry know - how and expertise in Islamic finance to ensure the success of SFH.”
“Cross - governmental reforms has seen Syria’s economy transform into a more developed and dynamic system attracting growing foreign direct investment in recent times, particularly in the financial and infrastructure sectors. The Syrian government has adopted a proactive approach to facilitate and attract investment into the country, ensuring that the economy is well equipped with an international standard legal and financial framework for it to grow through a 6 year development plan,” sated Dr. Ahmed A.Aziz, Head of Syria Investment Authority. “The fact that a prominent investment bank like GFH has announced its intention to establish Syria’s largest Islamic bank, is an indication of how far the country has progress under the leadership of His Excellency Dr. President Bashar Al Asad,” he continued
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 2008″, by Islamic Banking and Finance, “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
PR-Corporate Communications Department
Tel: +973 17538538 Ext 274
Email:
Website: www.gfh.com