Since the results have been declared...everyday we are having a Higher low...which acc to me is a positive sign ..
and when Deutsche bank has no doubts on thier ability...i think we should hold on ...and not sell in panic.
Gulf News 16 November 2009:
"Deutsche Bank has confirmed their belief not simply in the growth potential of Islamic finance but the ability of GFH to lead the emergence of Islamic finance on the global stage
"We are delighted to be working with Deutsche Bank as we build the world's leading Islamic investment bank," said Ahmad Fahour, GFH Group CEO.
I presume you're talking about this? Have split from the GFH rights issue topic ...
Press Release 15 November 2009:
Gulf Finance House place second US$100 million convertible Murabaha facility with Deutsche Bank
Manama, Bahrain: Gulf Finance House (GFH), the leading Middle Eastern Islamic investment bank announced it has signed an agreement today with Deutsche Bank for the placement of its second US$100 million convertible murabaha facility. The announcement is the latest success in the broader GFH liquidity and capital management plan that includes rights issue subscriptions of over US$300 million dollars, the partial sale of Qinvest to Qatar Islamic Bank for approximately US$51 million and the planned placement of the first US$100 million convertible murabaha with Macquarie Group.
In recent months GFH has made clear its intention to build a genuinely global Islamic financial institution and in conjunction with the restructuring of the bank and the rejuvenation of the business model, strengthening the balance sheet has been a core strategic focus. The deal with Deutsche Bank, alongside the existing relationship with Macquarie Group is indicative of the interest major global financial institutions are now taking in the evolving Islamic finance sector and GFH. The convertible murabaha instrument is also the very first of its kind to be deployed and underlines the progressive and innovative Sharia’a structuring capabilities that GFH can call upon.
GFH Group CEO, Ahmed Fahour commented on the announcement today saying, “The deal we have signed today is emblematic of the huge strides GFH has taken over the past two months and it marks the successful conclusion of our equity raising program. We have worked tirelessly to redesign the business model and structure the bank for a new period of international growth and our shareholders have indicated their emphatic support in what is now the Middle East’s largest non-governmental equity capital raising initiative in 2009. Today, Deutsche Bank have confirmed their belief not simply in the growth potential of Islamic finance but the ability of GFH to lead the emergence of Islamic finance on the global stage. We are delighted to be working with Deutsche Bank as we build the world’s leading Islamic investment bank.”
“Right now, our focus will shift to the rollover of our US$300 million debt facility, the sale of further non-core assets and the establishment of a diversified and enhanced investment banking business.”
Christopher Laing, Managing Director and Head of MENA Equity Capital Markets at Deutsche Bank added, “Islamic banking has demonstrated tremendous growth over the past decade and we believe it has a very exciting future. Gulf Finance house is a leading exponent of Sharia’a finance and perhaps the most dynamic in terms of its swift adaptation in a tough marketplace. We’re delighted to be working with them and we look forward to a prosperous relationship.”
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