Gulf Finance House Denies AlQabas Article

In response to a letter from the Bahrain Stock Exchange, GFH has replied with with this letter published on the BSE.

Two things from this exchange:

1. GFH is clearly still on the "watch list".  The BSE wrote to them immediately this morning.  Maybe I have  reader at the exchange?  
2. Interestingly enough most of the article was a repeat of GFH's press release.  The only item that diverged was the bit about asset sales.  GFH has publicly announced that it would be selling "non core" assets.  So is the denial that it will be selling assets, hopes to sell up to US$400 million, hopes to sell 40% of its Syrian bank, hopes to do that by an IPO.  Or is this like its earlier denial that it was in discussion with WestLB for a new Sukuk of US$50 million to partially fund the 10 February repayment.  You'll recall that it received a US$100 million sukuk from the syndicate.  All of which goes to prove that many (but not all)  "Islamic" banks play by different rules than conventional banks.  As we say, "God knows".