IslamicFinance.de

GFH Financial Group has paid the entire amount of its $200 million sukuk, which was originally drawn in 2007. The facility has now been settled with a recent payment of an outstanding amount of $34 million. With this repayment, GFH said it frees up further assets pledged under the sukuk for potential disposal or exit. In 2008, GFH had financing liabilities in excess of $1 billion compared to $125 million today. According to Chairman Jassim Al Seddiqi, with its prudent approach to managing liabilities, strong cash generation and levels of liquidity, GFH continues to be better placed than ever to deliver value and further build its business lines.

Abu Dhabi Financial Group (ADFG) and Bahrain’s GFH Financial Group are jointly setting up an Islamic bank in Abu Dhabi’s new financial free zone with initial capital of $100 mn. ADFG's CEO Jassim Al Seddiqi said the bank will open very soon, it will be run as a commercial bank accepting offshore deposits and dealing in dollars. ADFG has recently raised its stake in GFH to 11.74% from 10% and the two firms are seeking other joint opportunities for the future.