Alkhair eyes Malaysian bank

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

Read more: Alkhair eyes Malaysian bank http://www.btimes.com.my/articles/alkhair06/Article/#ixzz1a3qMhn9m

Kuala Lumpur: Alkhair International Islamic Bank Bhd, formerly known as Unicorn International Islamic Bank Bhd, is seeking Bank Negara Malaysia approval to start talks to buy a local bank. The Bahrain-based lender, which is the first foreign Islamic bank licensed to do business in foreign currency, currently does not have the licence to do any ringgit financing. "Initially, we targeted Bank Islam. However, the Dubai Group came and acquired it. "Today, we are not looking at a bank of that size. We are looking for a small, boutique bank that will provide the synergy for the strategic vision that we have for Malaysia," said its chief executive officer, Ikbal Daredia, after the launch of the bank's new name yesterday. He added that talks with the central bank are still in the preliminary stage and that it is eyeing a couple of potential targets. He declined to reveal their names. Ikbal also said the lender plans to increase its paid-up capital by US$50 million (RM159 million) to US$74 million by the end of this year. This was in line with the bank's vision to establish a business hub in Malaysia and to emerge as a major industry player. Meanwhile, Ikbal said the lender, which posted a net profit of US$1 million last year, is expected to post higher profits this year. The bank's new name and corporate branding was launched by the Raja Muda of Perak Raja Dr Nazrin Shah, who is also the financial ambassador of the Malaysia International Islamic Financial Centre initiative. The name "Alkhair" was chosen to reflect the group's broad geographical reach across the world's major Islamic banking markets, while at the same time emphasising its roots in the Arab world, said the company.