A delegation of Islamic banking specialists from around the world recently arrived to meet with Prime Minister Shaukat Aziz and State Bank of Pakistan Governor Dr Ishrat Husain separately to brainstorm on ideas to structure a global leading Islamic bank based in Pakistan.
The First Dawood Investment Bank, which is spearheading a joint venture initiative of an Islamic bank, introduced interested investors from Bank Islam Malaysia Berhad, the pioneering and pre-eminent Islamic Bank in Malaysia, and Unicorn Investment Bank B.SC from Bahrain, to Prime Minister Shaukat Aziz and SBP Governor Dr Ishrat Husain.
The joint venture would consist of the First Dawood Group, Islamic Corporation for the Development of the Private Sector (ICD), a wholly-owned subsidiary of the Islamic Development Bank, Jeddah and leading international Islamic banks and to incorporate the expertise and cutting-edge technology of the foreign partners. The proposed bank, First Dawood Islamic Bank Ltd, is expected to offer comparable Islamic alternatives to leading commercial banks.
The delegation was represented by Bank Islam Chairman Datuk Mohammad Bakke Bin Salleh and CEO Dato' Noorazam Aziz, as well as Unicorn CEO Majid Al-Refai as well as regional heads Aamir Khan (America) and Raja Teh Maimunah (Malaysia).
The delegation was accompanied by Rafique Dawood, Chairman, First Dawood Investment Bank Limited, Ayaz Dawood, CEO, Guardian Modaraba and Miss T. Uzra Dawood, CEO, Dawood Capital Management Ltd, Manager of Dawood Money Market Fund and First Dawood Mutual Fund.
The meetings with the prime minister and the State Bank governor were fruitful with exciting discussions on potential international collaborations and the untold possibilities for Islamic banking in Pakistan and the synergy of cross-border markets and technical and IT expertise from Malaysia.-PR
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