Rebranding AmrahBank.MANAMA: Bahrain-based International Investment Bank (IIB IIB Institute for Independent BusinessIIB Institute of International Business IIB Institute of International Bankers IIB International Investment Bank IIB Indian Institute of Banking & Finance IIB Included in Bankruptcy IIB Ice, Ice, Baby ) has started the conversion of AmrahBank, a conventional retail bank based in Azerbaijan, to a Sharia-compliant bank. The conversion initiative follows the recent rebranding exercise, which aims to provide AmrahBank a new visual identity. McCann Erickson McCann Erickson is a global advertising agency network, with offices in over 130 countries and almost eight decades of multinational experience . McCann is a subsidiary of the Interpublic Group of Companies , a global branding agency, has been appointed to accomplish the rebranding. IIB and its co-investors acquired a 49 per cent equity stake in AmrahBank in April last year. Following the acquisition, IIB appointed Ernst & Young - Bahrain to manage a smooth conversion, ensuring that the new image of the bank is based on strong fundamentals of Islamic principles. Extensive training programmes are also being provided by IIB and Ernst & Young - Bahrain to the executive management of AmrahBank. The cost of turning the bank into a Sharia-compliant institution is expected to exceed $2 million. "One of the principal investment thesis of IIB was the conversion of the bank based in a CIS Cis (sĭs), same as Kish (1.) (1) (CompuServe Information Service) See CompuServe. (2) (Card Information S country with a huge Muslim population," said IIB chief executive officer Aabed Al Zeera. "The current penetration of Sharia-compliant banking in Azerbaijan is very limited. "Thus, IIB and its partners believe that the conversion will attract the custom of a large section of the Azeri society desirous de·sir·ous adj. Having or expressing desire; desiring: Both sides were desirous of finding a quick solution to the problem. de·sir of conducting financial transactions in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Sharia principles. "IIB is also working jointly with Amrahbank on a Sharia-compliant fund to capitalise Verb 1. capitalise - supply with capital, as of a business by using a combination of capital used by investors and debt capital provided by lenders capitalize on the growing retail and corporate sectors of Azerbaijan." Copyright 2009 Gulf Daily News Provided by Syndigate.info an Albawaba.com company |
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