GFH joins BHB’s Murabaha service

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

GFH Financial Group (GFH) yesterday announced signing an agreement with Bahrain Bourse (BHB) and the Central Bank of Bahrain to offer BHB’s Murabaha service to its clients.

The service, launched in May 2020, is provided through the utilisation of Shari’a-compliant Ijara Sukuk as the underlying asset for the undertaking of Murabaha transactions.

The agreement was concluded through a virtual signing ceremony attended by Salah Sharif, Chief Operating Officer of GFH, and Shaikh Khalifa bin Ebrahim Al Khalifa, Chief Executive Officer of BHB, and the CBB Executive Director of Banking Operations, Shaikh Salman bin Isa Al Khalifa.

GFH will now have access to the online service, which offers unique Shari’a-compliant solutions and trading opportunities that can support the continued growth of GFH’s treasury and capital markets business activities, a significant and expanding business line for the Group.

The deal also allows significant reductions in processing time and supports continued expansion.

Salah Sharif, Chief Operating Officer of GFH, said, “Access to the platform is another important step among our broader efforts to further build our trading activities and the service will provide us with new opportunities and greater efficiency as we do so.”

Narjes Jamal, Chief Operating Officer of Bahrain Bourse said, “We are pleased to see the growing demand for the Murabaha service since its launch last year.”