Unicorn Bank to make further investment of $12.9m in Dawood Islamic Bank: Online News

KARACHI: Dawood Islamic Bank Limited has received Rs. 1 billion (US$ 12.9 Million) investment from Unicorn Investment Bank Limited, based in Bahrain , this was stated in a statement issued from Bank’s headoffice in Karachi on Tuesday.

Unicorn already had a 22.2% equity stake in Dawood Islamic Bank prior to the current investment. With the new investment the equity of Unicorn Investment Bank, in Dawood Islamic Bank has increased to 37% percent

Aamir Khan Managing Director and Head Global Private Equity of Unicorn Investment Bank and a founder Director of Dawood Islamic Bank said that the decision to invest in Dawood Islamic Bank, at a time when the global confidence in financial institutions is at its lowest ebb in Pakistan, is based on excellent opportunities that are available in the Islamic banking sector of Pakistan. The stake in Dawood Islamic Bank provides Unicorn with access to the Pakistan market with its 160 million inhabitants, 97 percent of whom are Muslims, he added.

The investment by Unicorn Investment Bank, would further boost the ability of the Dawood Islamic Bank to provide support to trade and industry through its various Riba free banking products Said Rafique Dawood, Chairman Dawood Islamic Bank.

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