Gulf Finance House (GFH) wins Euromoney award

The award conferred on GFH at the 2003 Annual Islamic Finance Awards was announced at a gala ceremony held at the Langham Hilton in London.

Euromoney singled out GFH as the bank which stood above all others in its focus on providing opportunities to invest in the Middle East markets. The London-based global magazine further said that GFH pioneered developing the regional market on a large scale.

Given that the opportunities in the region are still fairly limited and that the bank has only existed for the last four years, it has been a major achievement for GFH to grow assets under management to more than US$1 billion, Euromoney said.

In particular, Euromoney cited the creation of the Financial Centre Investment Company, which is capitalized at US$100 million and was set up to develop the first phase of the Bahrain Financial Harbour (BFH) project at an expected cost of US$250 million.

The Euromoney award follows close on the heels of the announcement naming GFH Chief Executive Officer Mr. Esam Janahi as the ` Islamic Banker of the Year 2003' at the World Islamic Banking Conference held in Bahrain in December 2003. The award recognized the leadership and innovation Mr. Janahi showed in developing Islamic banking.
The Euromoney award confirms GFH's position as the leading bank for Islamic investments in the GCC and the Middle East and North Africa (MENA) region.

Commenting on the award, Mr. Janahi said: "It is a great privilege to receive this award which recognizes the leading role GFH has played in identifying and presenting excellent investment opportunities in the Middle East. Like other banks we also offer products in Europe and the Americas, but we are deeply honoured to be recognized as the clear leaders, and the bank to be with if you are looking to invest in GCC states and in neighboring countries."

He said the award comes only days after GFH announced the launch of the US$600 million Al Areen Spa and Resort project in Bahrain.

"We are pleased that Euromoney also cited the creation of Arab Finance House, a new bank in Lebanon, the launch of Solidarity, which is set to become one of the largest providers of Takaful insurance and Menajet, our new low-cost airline project for the region," Mr. Janahi said.

He said that GFH is committed to providing its clients with the best investment opportunities in the GCC and the surrounding countries. "The latest award from Euromoney reinforces our position and adds further recognition to the achievements of GFH," Mr. Janahi added.