Dawood Islamic renamed as Burj Bank

Karachi: Dawood Islamic Bank Limited (DIBL) has been renamed as Burj Bank Limited; this is a result of an investment of over USD 21mn by the Islamic Development Corporation for development of Private Sector (ICD), Jeddah and Unicorn Investment Bank in DIBL.

According to Alfalah Securities Limited, Burj Bank (formerly DIBL) has a network of 50 branches in 17 cities. Unicorn Investment Bank and ICD are major stakeholders in the bank with their respective shareholding of 36% and 33%. This investment has certainly given the bank a positive position and now the mission of the bank is to be among top ten banks of Pakistan within a decade.

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