Plans of setting up a $326 Million unit in Syria, Bahrain's Gulf Finance House intends to come up with Islamic investment bank in order to elevate revenues in a banking market which is almost unused.

This investment bank is intended to get fee income in a year. Local investors will fund 10% while GFH along with other financial bodies will offer 60% of funds for the budding bank. It was stated that Approval from the Central Bank is anticipated and the remaining 30% of Syria Finance House in an IPO will be proposed to the public.

Gulf Finance House (GFH), one of the most successful and innovative Islamic investment banks in the Middle East, has decided to establish a joint Islamic financial services platform in the Middle East with Australia-based Macquarie Group.

Sources reported that Macquarie will invest approximately $100 million in a convertible murabaha investment in GFH as part of the deal.The platform will offer a broad range of wholesale Shariah compliant financial services solutions to the Middle East and North Africa (MENA) region.

Gulf Finance House (GFH), the Middle Eastern Islamic investment bank, has declared its results for the second financial quarter of the year.

The bank has recorded a net loss for the second three month period of $54 million ($92 million loss for the year to date), which compares to a profit of $104 million made during the second quarter of 2008 ($220 million for 2008 year to date).