Rebranding AmrahBank.MANAMA: Bahrain-based International Investment Bank (IIB IIB Institute for Independent Business
IIB 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
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
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