IslamicFinance.de

GFH Financial Group said its recent partnership with Bahrain Fintech Bay (BFB) as a founding partner will drive innovation and create opportunities for growth. The partnership reflects GFH’s strategy to strengthen the integration of Fintech in the region. According to GFH Financial Group's CEO Hisham Alrayes, GFH provides new entrants access to a sophisticated network and gives advice on how to reach regional and international capital and markets.

Gulf Finance House (GFH) yesterday reported a net profit of $10.03 million last year as compared to $0.38m in 2011. The profitability is attributed to profitable investments as well as significant restructuring, including the Leeds United football club investment and others. Operating profit before provisions for the year saw an increase of 140 per cent to $20.43m. Additionally, the bank saw a 31pc year-on-year reduction in operating costs mainly due to streamlined operations and reduced facilities. Moreover, GFH settled more than $100m of debt, which will now all mature gradually by 2018 and therefore the bank has been in a stronger liquidity position.

Gulf Finance House (GFH) has issued a statement denying the suspension of the firm’s Acting CEO Hisham Alrayes. GFH clarified that its ex-CEO Mr Ted Pretty and Ex-Deputy CEO Mr Mohd Al Nusu were suspended for a period of three months. Both have already resigned from the company. According to the statment, the CMA had not imposed any financial penalty on the firm.

The Tunis Financial Harbour (TFH) project by Gulf Finance House's (GFH) has received back-up from Tunisian Investment and International Co-operation Minister Riadh Bettaieb. The commitment is in the form of a high profile delegation from the Islamic investment bank GFH, including a meeting between acting chief executive Hisham Alrayes, TFH chief executive Lutfi Alzaar, and the minister. Minister Bettaieb assured that his government will do its best to support the project's development according to plan in co-operation with TFH. Mr Alrayes expressed his opinion, that the enefits to be expected from TFH are far beyond the ordinary for Tunisia as well as for GFH and their investors.

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