IslamicFinance.de

Gulf Finance House (GFH), the Bahraini Islamic investment firm, plans to make a $230 million sukuk issue this year to help it fund acquisitions of two to three regional companies. The bank sold $170 million of convertible sukuk murabaha last year to raise money for the investments, Ahmed Khalil Al-Mutawa said. The paper was converted into equity in the same year. In addition to the funds raised through sukuk last year and this year, the rest of the money needed for the acquisitions is likely to come from bank borrowing. Al-Mutawa said that the companies targeted by GFH focused on asset and wealth management and were based in Saudi Arabia, Bahrain and Dubai. The deals, which involve taking controlling stakes, should be closed by the end of the second quarter, he said. He did not give further details.