The first Sharia'a compliant bank focused on the investment, financing and service needs of the energy sector is now under formation after having obtained approval in principal of the Central Bank of Bahrain.
With a planned paid-up capital of US$750 million, First Energy Bank is the latest strategic business concept from Gulf Finance House (GFH). The institution is designed to capitalize on the huge anticipated demand for investment in the global energy industry. According to the International Energy Agency (IEA) report World Energy Outlook 2007, the energy infrastructure for the Middle East/North Africa region alone requires approximately US$56 billion per year from now through 2030. This implies the region's energy sector will need US$280 billion in investment within the next five years. Commenting on the formation of First Energy Bank, Chairman of the Founding Committee for First Energy Bank Esam Janahi said, "A great opportunity comes from the significant demand that is projected for investment in the global energy sector over the next 25 years. First Energy Bank is a response to this imperative and we're proud to be associated with a Sharia'a banking concept that will be the very first to offer exclusively tailored investment, financing and service solutions to the energy industry.
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