Monday 30, July 2018 by Kudakwashe

GFH Financial Group settles $200 million Sukuk

 

The facility which was payable over several tranches with final maturity in July 2018 has been settled with a recent payment of the outstanding $34 million.

  

GFH Financial Group (GFH) has paid the entire amount of its $200 million Sukuk which was originally drawn in 2007.

The facility was funded by a mix of GCC and international banks and the bank acknowledged its timely repayments despite challenges, underscoring the strength of the bank and its debt to equity position.

Jassim Al Seddiqi, Chairman of the Board of GFH, said the repayment, GFH frees up further assets pledged under the Sukuk for potential disposal.

As of July 2018, GFH has financing liabilities of $125 million compared to $ 1 billion during corresponding period of 2008.

  

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