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.

Ted Pretty, Group Chief Executive said, "Islamic commercial and investment banking in Syria promises great potential for growth with a significant demand for Islamic financial services and low penetration".

On Sunday, GFH shares remained unaltered on the Bahrain stock exchange while the shares in Kuwait, saw 1.4% rise. GFH, for the purpose of cost cuts, has dropped jobs and in first quarter 2010 asset sale, it wants to collect $250 Million.