Bahrain-based Islamic investment bank GFH Financial Group has repaid $45 million worth of debt, bringing its total syndicated liabilities down to $105m, the lender said in a statement late on Monday.
The move is the latest effort by GFH to deleverage, having held liabilities of over $1 billion back in 2008. The bank said it now held $700 million in total equity.
In June, GFH said it planned to raise $150m via the sale of Islamic bonds, or sukuk, to repay outstanding debts and use surplus cash for future investments.
It is working with Abu Dhabi Financial Group, which owns about 11.7 per cent of GFH, to establish an Islamic financial institution in Abu Dhabi’s financial free zone with authorised capital of $100 million.
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