Gulf Finance House Commercial Bank, a wholly owned subsidiary of Gulf Finance House (GFH), today formally unveiled its new corporate identity and inaugurated its new corporate headquarters at Al-Zamil Tower, under the patronage of His Excellency Rasheed Al Miraj, the Governor of Bahrain Monetary Agency.
The new name of the bank – Khaleeji Commercial Bank (KHCB) – together with its new logo and brand identity, was unveiled today at a special function hosted by Dr. Fuad Al-Omar, Chairman of KHCB and GFH; Mr. Esam Janahi, Vice-Chairman of KHCB, and CEO and Board Member of GFH; and Mr. Ebrahim H. Ebrahim, General Manager of KHCB; and attended by distinguished guests including clients, government officials, and dignitaries from the financial sector.
Capitalised at BD 30 million (US$ 80 million) the Bank offers specialised products and services to a niche market of high net worth individuals and financial institutions, including financing opportunities for property developers, landowners and property investors across the region.
Commenting on the Bank’s new name and identity, Dr. Fuad Al-Omar said: "Having successfully established ourselves in the market, we felt that we needed to change our name and branding in order to create a distinct identity that reinforces the Bank’s focus on the region, and on providing innovative commercial Islamic banking and retail banking products for our clients.
"GFH has performed exceptionally since its establishment as an offshore investment bank and enjoys a sound reputation as a provider of innovative Sharia'a-compliant investments. In order to leverage its strengths and broaden its customer profile, GFH established an Islamic commercial bank in November 2004, which enjoyed a very successful first full year of operations. Results for 2005 included net profits of over BD 4 million (US$ 11 million), and more than BD 90 million (US$ 250 million) raised in equity and debt," added Dr. Al-Omar.
Reinforcing Dr. Al-Omar's comments, Mr. Ebrahim said: "Underlying these impressive achievements is the Bank's highly adept professional team who are discerning in their identification of lucrative investment opportunities at an early stage.
"The Bank's strength lies in a deep understanding of the regional real estate sector, and an ability to structure Sharia'a-compliant investments. I have absolute confidence in our employee's ability to champion our vision to broaden the scope of our activities, and strengthen the customer and shareholder value of the Group.
The Bank also seeks to develop alliances with other Islamic banks, large property developers and real estate agents in the region to source investment and financing opportunities.
In 2005, KHCB established its selective portfolio of investment products with the introduction of the Mudarabah Investment Account, the first in a series of unrestricted investments designed to yield attractive returns over the shorter term, offering both liquidity and diversification of risk. This was followed by the launch of three real estate-focused investment funds: the Euro 25 million Al Hareth Property Fund focused on France; the US$ 41 million Amlak Fund focused on Bahrain; and the US$ 53 million Eqarat Al Khaleej Fund focused on the GCC.
Also during 2005, the Bank was mandated as lead financial adviser for fund raising for the US$ 1.25 billion Royal Metropolis project in the Hashemite Kingdom of Jordan, and entered into a strategic partnership with other regional financial institutions to provide Musharaka financing for the construction of the campus for the Royal University for Women in Bahrain.
The Bank also participated in a number of Islamic Bond (Sukuk) issues in 2005. These include the successful closing of the US$ 134 million Al Marfa'a Al Mali Sukuk to fund the initial construction phase of Bahrain Financial Harbour.
Having successfully positioned itself as a truly private Islamic commercial bank during its first 18 months of operations, KHCB has developed an ambitious and aggressive strategy for 2006 and beyond. This involves further expanding its regional presence, broadening its investment and retail product range, offering new services such as property financing and consultancy, and launching new Islamic retail products and services.
Furthermore, in addition to the current range of restricted, unrestricted and financing products, the Bank plans to offer a host of Islamic retail banking products such as savings accounts, current accounts, money transfers, drafts, and ATM and credit card facilities. In addition, KHCB will continue to enhance the successful relationships it has established with other financial institutions around the region.
