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They include approval for an increase in the bank's authorized share capital from $500m to $1.5bn and equity Murabaha financing of up to $200m, subject to regulatory approvals.
In addition, the Board also received the approval to implement a rights offering to existing shareholders, increasing the paid up capital of the bank from $315m to in excess of $615m.
Dr. Esam Janahi, Gulf Finance House Chairman, commented:
"Despite challenges experienced throughout the global economy, we are eager to capitalize on the immediate opportunities created by the downturn. I'm delighted GFH shareholders have recognized the need to back the Board as it takes crucial steps towards the ultimate goal of emerging as the world's leading Islamic investment bank."
Prior to the EGM, an Ordinary General Meeting approved the appointment of GFH's new CEO, Ahmed Fahour, to the Board. From today he will take up the additional role as a Board Director.
"With Ahmed Fahour now fully engaged with the management of GFH at operational and Board level, and in light of the measures passed by the EGM we are in a strong position to take GFH into a compelling new period of growth and diversification. I would like to take this opportunity to thank GFH shareholders for their continued support."
Posted by Siba Sami Ammari
