Unicorn acquired a 22.2% equity stake in Pakistan’s Dawood Islamic Bank (formerly First Dawood Islamic Bank), a Shari’ah-compliant commercial bank, in June 2006. In March 2009, Unicorn increased its equity stake in the bank to 37%. Dawood Islamic Bank currently operates a total of 21 branches across Pakistan. Unicorn’s stake in the bank provides it with access to the Pakistan market with its 160 million inhabitants, 97% of whom are Muslim. Islamic deposits represented less than 1% of total deposits in Pakistan in 2004, but this figure is projected to reach 10% of total deposits, or approximately US$13 billion, by 2014.
