IslamicFinance.de

Bahrain'sc plans to restructure or sell assets to pay back $ 90 million in debt next year, a document showed, highlighting its struggle to meet obligations amid dried-up revenues.
The Islamic investment firm and other Bahraini investment houses have struggled to restart revenue growth, after a 2008 regional property crash pulled the rug out from under their business model of earning fees on investor money raised for private equity and property projects.
GFH posted a net loss of $ 40 million for the second quarter and did not book any income from investment banking services, the main income source during the region's five-year oil and property boom that ended in 2008.
Some large investors have indicated that they may wish to accept land in such projects as their method of exit," she also said. The investor presentation also showed GFH plans to cut its operating expenses by some 40 percent through the reduction of staff costs and funding costs. The firm slashed its staff costs by 66 percent during the first half compared with a year earlier, partly through lay-offs.