KARACHI, July 11: State Bank said on Monday that Dawood Islamic Bank (DIBL) has been renamed as Burj Bank from July 11.

Meanwhile a press release issued by the DIBL said this development was the outcome of a big investment of over $21 million by the Islamic Corporation for Development of the Private Sector (ICD), Jeddah and Unicorn Investment Bank, Bahrain.

Burj Bank (formerly DIBL) has 50 branches throughout Pakistan and is represented in 17 cities.

DIBL started its operations in 2007. Its new identity as Burj Bank is a reflection of the re-profiling of its shareholding wherein ICD and Unicorn have become major shareholders.

Khalid Al-Aboodi, CEO ICD, is the chairman of the board of Burj Bank while other directors include Nicolas Martin of Unicorn and Ahmed Khizer, COO of ICD.

The President and CEO of the bank is Mr Pervez Said who has been with Dawood Islamic Bank since November 2009.