We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

Latest News

Bahrain’s Gulf Finance House swings to small profit in 2011

Bahrain’s Gulf Finance House swings to small profit in 2011

Bahrain's Gulf Finance House swung to a full-year profit in 2011 as the troubled sharia-compliant investment firm said its restructuring plan, which included significant cost-cutting, helped reverse its fortunes.


March 1, 2012 1:48 by

The company made a $0.38 million net profit last year, compared with a net loss of $349.4 million in 2010, it said in a statement on Thursday.

Operating costs were reduced by 37 percent during 2011, the firm said, while liabilities dropped by 33 percent by the end of the year as part of its restructuring plan.

GFH also posted improved fourth-quarter numbers, although it remained in the red for the final three months of the year due to an $8 million impairment.

It made a net loss of $4 million in the three-month period to Dec. 31, versus a $187 million net loss in the corresponding period in 2010.

GFH was forced into restructuring obligations in 2010 as the firm struggled with its debt burden in the aftermath of the global financial crisis.

It approved a highly-dilutive recapitalisation plan in November 2010, which included a 75 percent capital cut to absorb accrued losses and a $500 million offering of a murabaha instrument to new investors to raise funds.

GFH said it was continuing to target new investors with the murabaha – a cost-plus-profit arrangement which complies with Islamic law – although it gave no figures as to how much new capital had been raised. (Reporting by David French; Editing by Praveen Menon)


Tags: , , , , ,

Leave a Comment