Khaleeji Commercial Bank (KHCB), one of Bahrain's fast growing Islamic retail banks recently signed a 3 way Memorandum of Understanding (MOU) with Bahrain Defense Force's Military Consumer Association (MCA) and the main supplier to MCA, Glabrous International (GI).
The signing took place at KHCB's Headquarters in Bahrain Financial Harbour on 28th April 2013, marking a significant step forward in KHCB's retailbusiness endeavors.
Having worked with the MCA for a number of years, Glabrous International has gained immense experience in providing high level services and products on installments basis to selected elite accounts in Bahrain. Glabrous International established a solid business relationship with MCA and has been a pioneer in retailing by offering various services and distributing products in relation to mobile handsets, laptops, electrical appliances, electronic items, furniture, insurance and travel packages to their customers.
In this regard, Khaleeji Commercial Bank recognized the collaboration between MCA and GI to be a beneficial one and chose to enter into a joint MOU with both parties.
The MOU was signed by Khaleeji Commercial Bank's Acting CEO Mr. Silvan Varghese, while General Manager of MCA Colonel Sameer Jassim Showaiter and General Manager of Glabrous International Mr. Mohamed Ahmed Mohamed Yateem signed the MOU on behalf of MCA and Glabrous International respectively.
Other officials present at the signing were Deputy General Manager - Commercial Banking of KHCB Mr. Fuad Taqi, Deputy General Manager of KHCB Mr. Mahdi Abdul Nabi, Head of Consumer Finance Mr. Abdul Rahman Al Sowaidi, Head of Marketing, Product Development and VIP Banking Mr. Abdulnasser Ahmed Al-Rayes and KHCB Riffa Branch Manager Mr. Mohamed Mureed, as well as Project Manager of MCA Major Essa Yateem, Administration and Clients Manager of Yateem Air- Conditioning Mr. Ali Tahery, CEO Of Abdulla Bin Hindi Group Mr. Ahmed Abdulla Bin Hindi, Vice President of Abdulla Bin Hindi Group Mr.Nawaf Abdulla Bin Hindi and Deputy Chief Executive of Mohd. Fakhro and Bros. Mr. Tariq Qassim Fakhro.
The aim of the initiative is to establish a working relationship between the 3 organizations, allowing BDF personnel to benefit fromKHCB's convenient financing scheme that allows them to purchase items via installments through Glabrous International, which is located within MCA.
This scheme is valid on all electronic items including white goods (washing machines, refrigerators, cookers, Air conditioning), Appliances (coffee makers, mixers, defrayers, coffee sandwich maker, warmers, toasters, etc...), Brown goods (LCDs, LEDs. 3Ds), Hi Fi items (Stereos, Home theaters, voice recorders, DVD players etc...), mobile handsets, laptop, Insurance (home, car, travel), home essentials (furniture, kitchen wares, etc...), travel and holidays. The purchase payments of the different products will be done as standing orders via KHCB.
"Through this partnership with MCA and Glabrous International, Khaleeji Commercial Bank aims to strengthen its relationship with the esteemed BDF entities and provide military personnel with easy banking facilities all under one roof. Moreover, staff members of KHCB will also be able to enjoy the benefits prevailed by MCA," saidMr. Silvan Varghese, Acting CEO of KHCB.
Commenting on the collaboration with KHCB, General Manager of MCA Colonel Sameer Jassim Showaiter said, "MCA and Glabrous International are proud to be partnering with Khaleeji Commercial Bank on this venture to provide BDF personnel with an easy financing scheme for their purchase requirements via Glabrous International at MCA and through the signing of this MOU, we are confident that our relationship will only become a stronger and more prosperous one as we progress into the future."
"MCA and GI recognized that KHCB is a growing bank with great potential and innovative services. KHCB management is very well versed with the Bahraini economy and fully understands the requirements of the citizens. We believe that this partnership will have immense success and would be a model that all parties would be proud of," saidMr. Mohamed Ahmed Mohamed Yateem, General Manager of Glabrous International.
Headquartered in the kingdom of Bahrain, Khaleeji Commercial Bank BSC is a fast growing Islamic retail bank that endeavors to achieve its vision to be a leading domestic and regional Islamic Bank, providing a comprehensive range of high quality Shari'ah compliant banking and Investment products, services and investment opportunities to their customers and corporate clients.
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© Press Release 2013
