Reinforcing its reputation as one of the leading financial institutions in the region, Gulf Finance House B.S.C. (GFH), has won the Financial Institution of the Year honour at the Arabian Business Awards 2005, organized by the Dubai-based ITP Publishing Group.
The Arabian Business Awards 2005 were held under the patronage and in the presence of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defense, and are one of the most prominent regional business awards.
Expressing his delight at winning the award, Mr. Esam Janahi, Chief Executive Officer and Board member of GFH, said: “We are indeed honoured to be chosen as the Financial Institution of the Year at the Arabian Business Awards 2005. The award endorses our sustained effort in the promotion of the region’s financial sector, and especially Islamic Finance and banking, and our contribution to the socio-economic development of the economies we participate in.”
Mr. Janahi was also recently voted Top CEO in the GCC by Arabian Business Magazine.
“The bank is passing through a very exciting and dynamic phase of its development and the award will encourage us to further enhance and accelerate our regional growth and expansion strategy,” he added.
The bank has broadened its regional and international presence in the last two years in line with its strategy to unlock growth opportunities and maximize returns to its shareholders and investors. Currently, the bank’s product portfolio and services encompass investment bank advisory, infrastructure investment, property funds, private equity, venture capital and asset management.
One of the highlights of 2005 was the launch of its visionary project in the Hashemite Kingdom of Jordan, the US$1 billion Royal Metropolis project. Another highlight of the year includes the appointment of GFH as the lead financial advisor for “Energy City – Qatar”. The bank also launched the US$ 400 million Al Basha’er GCC Equity Fund this year.
The Arabian Business Award to GFH is in recognition of the bank’s leading role in contributing to innovation of the region’s financial sector, including Islamic banking and financing and the aggressive growth it notched up in 2005. The bank recently declared impressive results for the first nine months of 2005 with net profit rising 93 per cent over last year to US$92 million.
Congratulating GFH on winning the award, Mr. Robert Serafin, Managing Director, The Information & Technology Publishing Co. Ltd., said: “GFH has successfully positioned itself as a leading institution focused on developing the Islamic banking sector in addition to successfully placing private investments located in the region as well as originating investments in both the wider Middle East and in the international markets.”
Gulf Finance House B.S.C
Established six years ago, Gulf Finance House B.S.C (GFH) has rapidly earned a reputation as a leader in Islamic banking. GFH has paid-up share capital of US$150 million and authorized capital of US$300 million. It is committed to the Islamic Shari'a philosophy of wealth management and this directs its innovation and shapes the structure of its investment products. GFH is dedicated to providing clients with carefully selected investment opportunities that balance risk with reward. It leads the drive to establish an Islamic investment banking industry that dovetails with regional development. Consequently, GFH has since inception striven to offer investment opportunities in the countries where it operates so as to further their economic and social development. It aims to capitalize on the increasing willingness of Islamic investors to back local and regional business projects and opportunities and to take advantage of the wave of reforms initiated by GCC governments to diversify and liberalize their economies. This is balanced by enabling clients to diversify risk by offering them investment opportunities outside the region. This philosophy is reflected in GFH’s investment portfolio that includes major projects such as US$1.3 billion Bahrain Financial Harbour, Al Areen development, US$3.8 billion Legends in Dubailand and a US$1 billion Royal Metropolis in the Kingdom of Jordan. GFH’s investments also include Lebanon’s Arab Finance House; Bahrain’s Royal University for Women and menaJet – budget airline for the region.
