Gulf Finance House (GFH), the Bahrain based Islamic investment bank, on Wednesday announced that it had appointed the Kuwait Investment Company (KIC) to assist the bank with the recapitalization and raising up to $500 million programme through a convertible murabaha as part of the restructuring plan agreed to by shareholders.
KIC’s appointment opens up an opportunity to individual, private investors who will now, through KIC, be able to participate in the capital increase. The funds raised will be used by GFH to re-capitalise the bank and to transform GFH in to an institution focused solely on the creation, development and management of Islamic financial institutions offering a range of financial products and services to corporate and retail clients, creating for GFH a more stable business model of recurring revenues.