KARACHI, Aug 31: First Dawood Investment Bank along with some other institutions has sponsored First Dawood Islamic, Bank which has been incorporated with a capital base of Rs2 billion.

Other sponsors of the new Islamic bank include BRR International Modaraba, Unicom Investment Bank of Bahrain, Islamic Corporation for the Development of the Private Sector (a wholly-owned subsidiary of the IDB), and Bank Islam, the oldest and largest Islamic bank operating in Malaysia.

According to a press release First Dawood Islamic Bank has got the State Bank’s approval and no-objection certificate. It is now completing the formalities to obtain a commercial Islamic banking licence from the central bank to start operations. Mr. Rafique Dawood will be the chairman of the new Islamic bank.