Gulf Finance House (GFH), a Middle Eastern Islamic investment bank, intends to establish a joint Islamic financial services platform in the Middle East with Macquarie Group Limited.
The platform will offer a broad range of wholesale Shariah compliant financial services solutions to the Middle East and North Africa (MENA) region. The proposed partnership includes a joint presence based in the region and approximately USD100 million convertible murabaha investment by Macquarie in GFH as part of GFHs current capital management initiatives.
The proposed partnership is the subject of a confidential memorandum of understanding signed by the parties in a private ceremony in Bahrain.
Comment of Ahmed Fahour, GFH CEO:
The strategic partnership with Macquarie represents an exciting opportunity as we look to continue the banks diversification into new geographies and opportunities. Todays announcement is an exciting step towards realizing GFHs long term objective of establishing a truly world class Islamic investment bank. The strategic relationship would bring together GFH and Macquarie to create the standard in Sharia compliant products and services for the MENA region.
L.D.