News & Events

  • Alkhair Islamic Bank 2.0?

    24 July 2015 - Listen LIVE with our new CEO, Dato' Adissadikin Ali on The Breakfast Grille, (BFM, 89.9)

    If your browser does not support native audio, you can download this MP3 to listen on your device.

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  • Alkhair International Islamic Bank eyes acquisitions in S-E Asia

    The Star, Business News, Monday, 6 July 2015 - KUALA LUMPUR: Alkhair International Islamic Bank Bhd, which had previously eyed a stake in Bank Islam Bhd, is looking at potential acquisitions in South-East Asia to expand its banking footprint in the region. Its new chief executive officer Datuk Adissadikin Ali said as a niche bank and with transactions conducted in non-ringgit, it made sense for the bank to expand regionally due to its market size.

    The Bahrain-based bank is the first international Islamic bank (IIB) licensed to conduct a full range of non-ringgit activities under the Malaysia International Islamic Financial Centre (MIFC) initiative. It ventured into Malaysia as Unicorn International Islamic Bank Malaysia in 2007 and later rebranded to its present name. “We hope to venture into the region, with a possible target in Indonesia for acquisition in the next few years. Alkhair may look at a medium-sized bank which does not pose much competition in the marketplace and complements our business. “Indonesia is a huge market and with the Asean Economic Community (AEC) around the corner, we are keeping our options open in the region for acquisitions,’’ he told StarBiz in an interview. According to earlier reports, Alkhair was at one point keen to acquire Dubai Group’s 40% stake in Bank Islam but the plan was later scrapped.

    On another matter, he said it would consider issuing US dollar-denominated sukuk in the next three to four years to fund the corporate and investment bank’s expansion drive. He added that although there were plans previously to acquire a stake in Bank Islam, the bank was now sticking to its niche. Alkhair was concentrating towards building a sustainable base within its core competence – non-ringgit transactions in Malaysia and the region, Adissadikin noted. He said: “We shall also facilitate more cross-border transactions between Malaysia and Asean and the Middle East, capitalising on Bank Alkhair Group’s presence in Bahrain, Saudi Arabia and Turkey. “This is a space whereby there is less competition compared to the ringgit market. Furthermore, ringgit-based transactions would limit our market only to Malaysia, which is relatively small compared to the region.” The bank’s present paid-up capital stood at US$24mil, he said, noting that there were plans to increase it to US$300mil within three to five years to support Alkhair’s growth in Malaysia and the region.

    Asked on Kuwait Finance House’s (KFH) plans to exit from the Malaysian market and seek greener pastures in Turkey and whether Alkhair would follow suit, he said the operating structures of the two were different. “Alkhair is an IIB and is allowed to transact in non-ringgit banking activities whereas KFH Malaysia is mainly involved in banking transactions in ringgit and confined to Malaysia. We are not, as the bank can look at regional businesses and so we have a bigger market reach,” he stressed. At present, Adissadikin, who was the former CEO of Export-Import Bank of Malaysia Bhd, said the focus would be to target small and medium enterprises involved in the export and import business as well as those companies and individuals who intend to trade in US dollars. Alkhair is looking to double its customer base from 20 currently to at least 40 over the next couple of years. He said almost half of its customers were from Saudi Arabia while the rest were Malaysia-based involved in non-ringgit banking transactions. Although the bank’s lending limit was rather small currently at US$6mil per customer, he said it intended to raise the limit as the business grew, which the bank was confident to achieve with its ability to expand abroad as Alkhair’s business transaction was not limited to the local currency.

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  • Slew of changes in local Islamic finance landscape

    The Malaysian Reserve - 8 Jun 2015. Top level management of Islamic financial institutions seeing key people on the move.

    THE top level management of Islamic financial institutions in Malaysia saw a couple of changes in the recent weeks, with the latest being treasury expert Norashikin Mohd Kassim from Bank Islam Malaysia Bhd. Norashikin, the treasury director of Bank Islam Malaysia Bhd, who had managed a landmark 30-year sukuk issue for a government authority, is understood to be set to join a foreign Islamic bank based in Malaysia. Among others, Norashikin had steered the launch of a number of innovative Islamic treasury instruments like the profit rate swap, cross currency swap, Islamic options and Islamic structured investments.

    In the recent weeks, changes were announced at Bank Islam and Alkhair International Islamic Bank Bhd (AKIIB). Datuk Adissadikin Ali, the former CEO of Export-Import Bank of Malaysia Bhd, joined AKIIB on June 1 as its CEO to replace Ikbal Daredia. AKIIB is a wholly owned subsidiary of Bank Alkhair BSC, Kingdom of Bahrain. It is the first foreign Islamic bank in Malaysia licensed by Bank Negara Malaysia to conduct a ful l range of non-Malaysian ringgit banking activities. Adissadikin will oversee all aspects of the AKIIB business in Malaysia and the surrounding regions, according to a statement from the bank.

    Another change in the top leadership of Bank Islam involved Malkit Singh Maan assuming the position of group CFO at BIMB Holdings Bhd, the parent company of Bank Islam, effective May 11. Malkit was earlier the bank’s CFO. He was replaced by Mohd Muazzam Mohamed, a former partner of KPMG Malaysia and ED of KPMG Malaysia’s Management Consulting. Mohd Muazzam, who had been with KPMG Malaysia since 1997, was seconded to KPMG London between 2000 and 2002 to focus on the financial services sector. Islamic banking assets, which grew 12% in 2014, accounted for 25.6% of the total banking system assets as at end-2014.

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  • Alkhair Islamic Bank appoints new CEO

    Friday, 29 May 2015 - KUALA LUMPUR: Alkhair Islamic Bank Bhd (AKIIB) has appointed Datuk Adissadikin Ali as its new chief executive office, succeeding Ikbal Daredia effective June 1, 2015.

    The bank said on Friday that Adissadikin would be responsible for the development of AKIIB, as it is the first Islamic bank in the country to conduce a full range of non-Malaysian ringgit banking activities.

    “He will also oversee all aspects of AKIIB business in Malaysia and the surrounding regions,” it added.

    Meanwhile, it noted that Adissadikin has 15 years experience in the financial services sector which gave him wealth of management and leadership exposures in the industry.

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  • Adissadikin Ali appointed as CEO of AlKhair International Islamic Bank

    KUALA LUMPUR, May 29 (Bernama) -- Alkhair International Islamic Bank Berhad (AKIIB) today announced the appointment of Datuk Adissadikin Ali as its new CEO with effect from 1st June 2015. Prior to this appointment, he was Export-Import Bank of Malaysia Berhad’s (EXIM Bank) CEO. Adissadikin succeeds Ikbal Daredia who left the Bank on May 2014.

    As the new CEO, he will be responsible for the development of AKIIB, being the first foreign Islamic Bank in Malaysia licensed to conduct a full range of non-Malaysian Ringgit banking activities. He will also oversee all aspects of AKIIB business in Malaysia and the surrounding regions.

    Adissadikin began his career as a Management Trainee with Renong Berhad way back in 1995. As he moved forward, he spent 15 years in the financial services sector that gave him a wealth of management and leadership exposures in the industry.

    Apart from being a member of Harvard Business School Alumni, Adissadikin also holds an MBA (Finance) from University of Malaya, Malaysia, a Bachelor Degree in Business (Banking & Finance) from Monash University, Australia and a Diploma in Investment Analysis, UiTM, Malaysia.

    About Alkhair International Islamic Bank Berhad

    Alkhair International Islamic Bank Berhad (AKIIB) is a wholly owned subsidiary of Bank Alkhair B.S.C, Kingdom of Bahrain. It is the first foreign Islamic bank in Malaysia licensed to conduct a full range of non-Malaysian Ringgit banking activities under the Malaysia International Islamic Financial Centre (MIFC) initiative that aims to strengthen Malaysia's position as an Islamic Finance hub and build greater ties between East Asia and the Middle East.

    Apart from new businesses, AKIIB is also complementing its parent company in Kingdom of Bahrain’s existing operations. Besides Malaysia, its international presence also includes offices in Turkey and Saudi Arabia.

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  • Alkhair Plans To Increase Paid-up Capital To US$74 Million

    KUALA LUMPUR (Bernama)-- Alkhair International Islamic Bank Bhd, formerly known as Unicorn International Islamic Bank Bhd, aims to increase its paid-up capital by US$50 million to US$74 million by year-end.

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  • Alkhair eyes Malaysian bank

    The Bahrain-based lender, Alkhair International Islamic Bank Bhd, is looking for a small, boutique bank

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  • Unicorn International Islamic Bank expects 300% rise in profit

    KUALA LUMPUR: Unicorn International Islamic Bank Malaysia Bhd expects to increase its profit by 300 this year, said its chairman Datuk Vaseehar Hassan Abdul Razack.

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  • Unicorn named Best Investment Bank in Bahrain

    Bahrain, 7 October 2009: Unicorn Investment Bank (Unicorn), the Bahrain-based financial services group, has been named the Best Investment Bank in Bahrain by international business magazine, Global Finance. The award was presented to Unicorn at a ceremony held on the sidelines of the International Monetary Fund (IMF) and World Bank meetings currently being held in Istanbul.

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  • Unicorn Capital Saudi Arabia receives approval to commence operations

    Riyadh, 31 August 2009: Unicorn Capital Saudi Arabia, majority owned by Unicorn Investment Bank (Unicorn), announces that it has received approval from Saudi Arabia’s Capital Market Authority (CMA) to commence operations in the Kingdom. Unicorn Capital Saudi Arabia will provide the Saudi market with an integrated and comprehensive range of Islamic investment products and services, with the full support and depth of Unicorn Investment Bank, an established Islamic investment bank headquartered in Bahrain.

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