Unicorn Investment Bank, a Bahrain-based Islamic investment bank, today changed its name to Bank Alkhair with the launch of a new brand identity.

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 emphasising its roots in the Arab world, officials said.

“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, they 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.

Yousef A Al-Shelash, Chairman of Bank Alkhair, said: “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. 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,” he said.

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.

The bank also recently announced the successful sale of Victron, 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 its recent decision to exit the US market to focus on its core markets in the GCC region, Malaysia and Turkey. 

Ikbal Daredia, acting chief executive officer, said: “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.”

The bank is also a major shareholder in Burj Bank (formerly Dawood Islamic Bank), Pakistan. Bank Alkhair has completed several landmark transactions since its inception, including the establishment of T’azur, a regional Takaful company; the acquisition of Bahrain Financing Company, the oldest and one of the leading foreign exchange and remittance houses in the GCC; and the successful launch of the Strategic Acquisition Fund, a fund established to acquire strategic stakes in commercial banks globally.  - - TradeArabia News Service