Gulf Finance House honoured with two prestigious international Islamic banking and finance awards

At corporate level, GFH received the Sheikh Mohammed Bin Rashid Al Maktoum Islamic Finance Award for `Global Contribution in Islamic Private Equity and Venture Capital', while at a personal level, co-founder, CEO and Board member of GFH, Mr. Esam Janahi, was honoured with the Sheikh Mohammed Bin Rashid Al Maktoum award for `Life and Continuing Contribution in Promoting Islamic Finance'. Both these awards were presented by His Highness Sheikh Hasher Bin Maktoum Al Maktoum, Director General of the Dubai Department of Information. Other award recipients included Mr.Saeed Ahmed Lootah, HRH Prince Al Waleed Bin Talal Al Saud, Mr. Majed Al Refai and Sheikh Mohammed Salem Bin Mahfouz.

Commenting on the awards, Mr. Janahi said: "Such prestigious international recognition of the Bank's expertise and professionalism is highly appreciated by everyone at Gulf Finance House. I am also deeply touched to have been personally singled out for my humble contributions. These awards serve to strengthen our resolve at GFH to provide innovative finance and investment solutions for our clients, and continue to contribute to the development of Islamic banking and finance.

Mr. Janahi noted that there was a great, and largely untapped, potential for Islamic finance to grow, particularly in the areas of debt capital markets and derivatives, and that technical innovation was the key to enhance and expand its reach across global markets.

Mr. Janahi added: "In the context of surging economic growth in our region, and indeed globally, we have already identified several opportunities for private equity investments, in infrastructure and in other sectors, such as financial institutions, telecommunications and healthcare. We will seek to explore the full potential of these opportunities and, in the process, be a partner in the continuing development of Islamic banking and finance, and the growth of the world economy."

Earlier, Dr. Ala'a Al-Yousuf, Chief Economist of Gulf Finance House, participated in a panel session at the International Islamic Finance Forum (IIFF) on `Leaders in Islamic Finance - Exploring the Potential for Global Expansion'. The panel discussed four key topics, namely, branding, consolidation, capital market development and the equity culture in Islamic countries. He said: "The GFH brand is associated with innovative financing of strategic infrastructure projects such as the Bahrain Financial Harbour, Legends in Dubai Land, Jordan Gate and Energy City Qatar. The lack of both adequate finance and infrastructure in developing countries, including those in the Middle East, were identified by the World Bank in a recent study as significant constraints on development. GFH is therefore seen as a catalyst for accelerating development". Dr. Al-Yousuf also said: "The Islamic finance industry will go through a period of consolidation leading to the emergence of large and strong institutions but there will remain a role for niche players".

"A major challenge is to grow and sustain this interest in Islamic finance and banking as a prudent financial intermediation force. Another challenge is to continue to innovate in order to enhance the interest in Islamic finance worldwide, and to spread this alternative to conventional banking and finance to new markets and sectors of the economy", Dr. Al-Yousuf said.