The initial paid up capital of FDIB is expected to be in line with the regulatory requirement of Rs 2 billion (US$ 34 million).
This stakes enables UIB to access the Pakistani market and its 160 million inhabitants, 97 percent of whom are Muslim.. In 2004 Islamic deposits represented less than 1 percent of total deposits in Pakistan and is projected to reach 10 percent by 2014 (approximately US$ 13 billion).
Majid Al-Sayed Bader Al-Refai, Chief Executive Officer of UIB, commented: "It is a time of promise and opportunity for Islamic institutions in Pakistan. There is enormous demand for Shari'ah compliant products and deposits from a huge Muslim population, but relatively little choice amongst existing Islamic banks. The establishment of First Dawood Islamic Bank ushers in a new era for the millions of Muslim Pakistanis who have, up until now, been largely underserved".
Earlier this year, UIB was invited to invest in the bank by the respected Dawood banking family who are spearheading this venture. Together they met the Pakistani Prime Minister H.E. Shaukat Aziz and previous State Bank of Pakistan (SBP) Governor Dr. Ishrat Husain to finalise details for the formation of the new Islamic bank. Though, the foundation was established with Dr. Ishrat Husain, Dr. Shamshad Akhtar the present SBP Governor provided her complete support, along with Pervaiz Said, Head of the SBP Islamic banking department in granting the license for the bank.
First Dawood Islamic Bank was awarded one of only five new Islamic commercial banking licences by the State Bank of Pakistan. The bank is headquartered in Karachi and plans to open a network of 20 branches across Pakistan within the first five years.
Aamir Khan, MD of Private Equity at UIB, said: "Pakistan has always enjoyed a prominent position in Islamic banking dating back to its rudimentary beginnings in the 1950s when a group of wealthy landlords deposited funds at no interest and then loaned them to small landowners for agricultural development. As an innovator UIB is the ideal Islamic investment bank to partner with First Dawood Islamic Bank in this exciting new phase in Pakistani Islamic banking history".
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Unicorn Investment Bank enters Pakistan
- Bahrain: Tuesday, June 20 - 2006 at 13:07
- PRESS RELEASE
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Unicorn Investment Bank (UIB) has bought a 20 percent equity stake in First Dawood Islamic Bank (FDIB), a newly established commercial Islamic bank.
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Posted by Lara Lynn Golden, News EditorTuesday, June 20 - 2006 at 13:07 UAE local time (GMT+4)
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This article was updated on Wed Jun 06 2007.
Notes and Media Contacts »
About UIB
Unicorn Investment Bank was capitalized at US$ 111 million and commenced operations on May 5, 2004 in the Kingdom of Bahrain. UIB is a full service Islamic investment bank, with specialist teams operating in corporate finance and capital markets, private equity, asset management, strategic mergers and acquisitions and Takaful (Islamic insurance). The bank currently has offices both inside and outside the Middle East, including the United States and Malaysia.
• UIB recently reported second-year revenues of US$ 52.6 m and earnings of US$ 24.2m for 2005 financial year.
• In Quarter 1 of 2006, UIB achieved revenues of US$ 25.5m and earnings of US$ 16.02m.
• UIB has achieved a number of "firsts" in Islamic banking. In November 2005, the Bank closed the "KSA Real Estate Fund-1", the first ever equity fund to allow non-Saudi nationals to invest in the growing Saudi Arabian property market via an innovative financial and legal structure.
• In December, UIB announced "Gulf Springs", the first pan-GCC real estate fund, in partnership with leading real-estate developers in each GCC market, who as founding investors, bring local knowledge and investment opportunities.
• UIB has recently closed "KSA MBS 1 International Sukuk," the GCC's first Sharia'h-compliant asset-backed security for the Kingdom of Saudi Arabia: a debt product designed for home financing companies akin to a mortgage-backed security in partnership with a multilateral organisation and underwritten by a global institution.
• UIB has completed several Private Equity investments in the United States including the US$32 million acquisition of Gardens Residential Care Centers in California, USA in 2004 and has just completed a US$7 million equity investment in Ellington-Elsasser, Inc. known by its trade name Ellington Leather Goods for 90% of the common shares. UIB's investment strategy is to exit within a 5 year period via a sale to a strategic or financial buyer
• Since inception, UIB has advised, structured and successfully placed deals with a total value in excess of US$ 1 billion.
Media contacts
Mark Lunn of Gavin Anderson & Co, London
Bahrain Tel: +973 17 566 000
UK Tel +44 (0) 20 7554 1400
Unicorn Investment Bank was capitalized at US$ 111 million and commenced operations on May 5, 2004 in the Kingdom of Bahrain. UIB is a full service Islamic investment bank, with specialist teams operating in corporate finance and capital markets, private equity, asset management, strategic mergers and acquisitions and Takaful (Islamic insurance). The bank currently has offices both inside and outside the Middle East, including the United States and Malaysia.
• UIB recently reported second-year revenues of US$ 52.6 m and earnings of US$ 24.2m for 2005 financial year.
• In Quarter 1 of 2006, UIB achieved revenues of US$ 25.5m and earnings of US$ 16.02m.
• UIB has achieved a number of "firsts" in Islamic banking. In November 2005, the Bank closed the "KSA Real Estate Fund-1", the first ever equity fund to allow non-Saudi nationals to invest in the growing Saudi Arabian property market via an innovative financial and legal structure.
• In December, UIB announced "Gulf Springs", the first pan-GCC real estate fund, in partnership with leading real-estate developers in each GCC market, who as founding investors, bring local knowledge and investment opportunities.
• UIB has recently closed "KSA MBS 1 International Sukuk," the GCC's first Sharia'h-compliant asset-backed security for the Kingdom of Saudi Arabia: a debt product designed for home financing companies akin to a mortgage-backed security in partnership with a multilateral organisation and underwritten by a global institution.
• UIB has completed several Private Equity investments in the United States including the US$32 million acquisition of Gardens Residential Care Centers in California, USA in 2004 and has just completed a US$7 million equity investment in Ellington-Elsasser, Inc. known by its trade name Ellington Leather Goods for 90% of the common shares. UIB's investment strategy is to exit within a 5 year period via a sale to a strategic or financial buyer
• Since inception, UIB has advised, structured and successfully placed deals with a total value in excess of US$ 1 billion.
Media contacts
Mark Lunn of Gavin Anderson & Co, London
Bahrain Tel: +973 17 566 000
UK Tel +44 (0) 20 7554 1400
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