Hi friends..
I am an experienced indian banker looking to pursue MBA in finance or related courses, from Germany. During my research of Public universities I came upon the term "system accreditation or internal accreditation". Please throw a light on the relevancy of this kind of accreditation.
Second, I know AACSB,AMBA, AQAS, FIBAA, etc are the accreditations to look out for ...but please explain how schools like GISMA, IU.org, and many other private universities with loads of alumni having bad experience, are able to sustain such accreditations ? Additionally throw some light on IU Berlin. It is promoting its courses like hot cake over here in India.

Neither GISMA or the IU have AACSB accreditation. I was surprised to see that Gisma has partial FIBAA accreditation, but it does, for three programmes on the Potsdam campus. IU does not have AMBA or FIBBA accreditation. All accreditations are essentially like checklists ensuring you have resources and processes. For GISMA, the big shift has been opening the Potsdam location, which is like a real facility rather than a serviced office. 

With the IU, that's a fantastic story. It now claims to be the biggest German university with over 100,000 students. 

Thank you Duncan...for taking out time to reply.
But you did not comment on "system accreditation" and its relevancy if one tries to be employable in german labour market.
Also surprisingly IU lists AACSB as well as FIBAA on iu.org. I searched AACSB website and found them to be a member of the body. Keeping this aside..your 2 cents about "fast-selling" IU Berlin. Please.

So, "system accreditation" is the same as "internal accreditation". That is a minimal level of accreditation. In Germany, it equates to being state-recognised at some level (as a high school, UAS, Universität etc). Traditional MBA employers know the triple crown accreditations, but the school's brand equity matters more. No-one in Germany takes GISMA very seriously, but now it is a real UAS able to issue degrees. Similarly, IU and the FOM have large numbers of students, but the brand equity with employers is really low. The private schools in Germany generally have lower admissions criteria and are easier to pass than the public ones. 

Thanks a lot Duncan. I wish to connect with you for profile evaluation and college shortlisting and related stuff. Is it somehow possible? Please let me know.

Sure. Read my profile page.