GFH launches GCC $100 million Sukuk Fund

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

GFH Financial Group (GFH) announced it has launched and seeded a $100 million fund that holds a diversified portfolio of sukuk following a deal with Credit Suisse to provide attractive financing and fund administration services.

The fund holds a portfolio of the sovereign, quasi-sovereign, and corporate sukuk and sukuk-related securities from various countries and issuers, primarily in the GCC and will be managed by Sharia principles.

GFH aims to generate returns to the fund through active asset allocation, credit selection, optimal leverage and duration management to achieve an above-average long-term investment return on a risk-adjusted basis.

Salem Patel, Head of Asset Management at GFH said “The market is becoming more buoyant as economies in the GCC recover amid a revival of key sectors. Global borrowers have issued more than $23 billion of Shari’a-compliant debt in 2021 and global sukuk supply is expected to accelerate in 2022. The GFH Sukuk Fund aims to capitalise on post-pandemic economic growth and recovery.”