In August, Bank Alkhair announced its net results for the first half of 2011, reporting a net profit of approximately $3.1 million for the period. Bank Alkhair’s return to profitability follows the major restructuring initiative undertaken by the Bank in the latter half of 2010 and the first half of 2011.
Yousef A. Al-Shelash, Chairman of Bank Alkhair, while commenting on the former CEO against whom the bank filed a case said that the bank’s last year’s $230 million loss was attributable to the mismanagement of the former CEO. “I would say largely the loss was due to mismanagement of the former CEO of Unicorn Bank,” he categorically stated.
Unicorn Investment Bank, an Islamic investment bank licensed by the Central Bank of Bahrain, launched its new brand identity. The Bank has now officially changed its name to the bank’s subsidiaries in Saudi Arabia, Malaysia and Turkey will now officially operate under the names Alkhair Capital Saudi Arabia, Alkhair International Islamic Bank Malaysia and Alkhair Capital Turkey respectively.
“The name “Alkhair” was chosen to reflect the Bank’s broad geographical reach across the world’s major Islamic banking markets, while at the same time emphasizing its roots in the Arab world. “Alkhair” has positive connotations and is indicative of the Bank’s vision of providing market-leading Islamic solutions to individuals and institutions seeking access to Shari’ah-compliant investment products and services,” the bank in a statement said.
The Bank has also introduced a streamlined and more modern logo and brand elements, in keeping with Bank Alkhair’s re-aligned and more focused approach and operating strategy. The logo incorporates a modern Arabic calligraphic interpretation of the word “Alkhair” and clean text, reflecting the clarity of the Bank’s strategic vision.
“We are pleased to introduce our new name and brand which are very much a reflection of our re-aligned operating philosophy and strategy. In the past year, the Bank has taken important steps to safeguard its financial position by deleveraging its balance sheet, strengthening its liquidity profile and enhancing its corporate governance framework. We have also re-focused our operating strategy to concentrate on our core Islamic markets and business lines,” Yousef A. Al-Shelash, Chairman of Bank Alkhair, said.
“Our new name and identity are a reflection of these measures, and of our aspirations to be a leading global provider of Shari’ah-compliant investment solutions.”
The Bank also recently announced the successful sale of Victron, Inc., a specialty provider of complex electronics manufacturing services (EMS) based in California. The sale of Victron marks Bank Alkhair’s second US private equity sale this year and follows the Bank’s recent decision to exit the US market to focus on its core markets in the GCC region, Malaysia and Turkey.
“Going forward, Bank Alkhair will continue to be a full-service Islamic bank, offering a comprehensive range of investment products and advisory services, with a focus on capital markets, asset management, private equity and corporate finance. Our strategy will revolve around our presence in select markets and products, the efficient use of capital and resources, and realigning business lines to improve revenue generation capabilities and bring greater efficiency to our operations,” Ikbal Daredia, Acting Chief Executive Officer of Bank Alkhair.