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.

However, the deal is subject to regulatory approvals.