A three-member delegation from Islamic Corporation for the Development (ICD) of the private sector, a wholly-owned subsidiary of the Islamic Development Bank, Jeddah, Saudi Arabia, was here from March 7 to 9 to perform the due diligence of the proposed Islamic Bank to be established by First Dawood Group. The Group consists of First Dawood Investment Bank Limited (FDIBL), B.R.R. International Modaraba (BRRIM), Guardian Modaraba (GM) and Dawood Capital Management Limited (DCM) [Formerly Pakistan Venture Capital Limited.
The DCM is the manager of Dawood Money Market Fund and the upcoming First Dawood Mutual Fund, subscription of which is due on March 21 and 22.
The delegation was given a presentation about the family history and businesses of Dawood family, in particular about the contribution of First Dawood Group companies to the financial sector, economy and about the businesses of the proposed Islamic Bank and the feasibility by Mustajabur Rab Khan and Mohammad Rizwanul Haque.
The delegation, comprising Abderrahman El Glaoui, Dr M. Idrees Ghodhane and Nik Mohammad Faris, was also informed that the NOC for establishment of the proposed FDIBL, which is expected to be processed by the Central Bank shortly.
Further, First Dawood Group Chairman Rafique Dawood arranged a meeting for the delegation with Pervez Said, Director Islamic Banking Department, State Bank of Pakistan.
The Director apprised the delegation of the developments in the Islamic banking industry in Pakistan and certain regulatory requirements of the Central Bank for foreign investors.
The ICD is one of the co-sponsors of the FDIBL. Other sponsors include FDIB, GM, DCM, BRRIM, F. Rabbi and Associates, a local business group and Azam Essof Kolia, an individual investor from Singapore. The foreign investment in the proposed FDIBL will be over 20 million dollars.
The delegation, on March 9, also attended the formal opening ceremony of the FDIBL office and its associated companies at Saima Trade Towers, I.I. Chundrigar Road, here.
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