Gulf Finance House (GFH), the Bahrain-based Islamic investment bank, has appointed Kuwait Investment Company (KIC) to assist the bank with its recapitalization programme.

The programme includes raising up to $500 million through a convertible murabaha as part of the restructuring plan agreed to by shareholders.

KIC’s appointment opens up an opportunity to individual, private investors who will now – through KIC – be able to participate in the capital increase.

The funds raised will be used by GFH to re-capitalise the bank and to transform GFH in to an institution focused solely on the creation, development and management of Islamic financial institutions offering a range of financial products and services to corporate and retail clients, creating for GFH a more stable business model of recurring revenues, a statement said. – TradeArabia News Service