Dubai, 26 Sept. 05 (WAM) - Dubai Bank confirmed its acquisitionof an 18.75 percent strategic stake in BankIslami Pakistan Limited, whichis the first new bank to have received a license from the State Bank ofPakistan after the latter decided to grant commercial banking licensesfor Islamic banks in 2003.

Ziad Makkawi, CEO, Dubai Bank said at a press conference heldin Istanbul during the International Finance: "Pakistan has seen a significantturnaround in its economy which has led to many foreign investors, particularlyfrom the GCC, recently investing in excess of 7 billion US dollars inthe country.

Dubai Bank's investment into Pakistan is in keeping with the longterm vision of the bank as a vital link between this region and its neighbouringemerging markets." "Pakistan has a growing Islamic banking sector , there is a strongdemand for Islamic financing in Pakistan which is currently underserved.

The sector has witnessed significant expansion over the last few yearswith annual growth of over 200 percent and BankIslami is well placed tocater to this demand." He added.

Dubai Bank will join the DCD Group and Jahangir Siddiqui and Companyas Founding Shareholders and together they will collectively control amajority of the Bank. This partnership creates a strategic alliance withthe DCD Group, an international conglomerate that has acquired strategicstakes in a number of Islamic banks worldwide and Jahangir Siddiqui andCompany which is one of the biggest financial services and business groupsin Pakistan.

On the other hand, Ziad Makkawi said in the opening speech ofthe 8th International Finance Forum started today in Istanbul: " "DubaiBank can play a vital role in the Turkish finance industry by providingexpertise as well as offer a diverse range of financial solutions to companieslooking to venture into the Middle East and specifically the GCC. We currentlyoffer conventional as well as Islamic banking products and services underthe Merchant and Retail banking divisions. This includes Corporate Finance,Asset Management, Treasury and Capital Markets, Investment Banking, Corporateand Institutional Banking and much more".

Makkawi added: "we are currently looking to expand into key emergingmarkets, and Turkey is definitely one of these territories that we feelpresents exceptional opportunities for us. The economy here has been veryvibrant and is attracting a good number of foreign investors and organizations.

Additionally, Turkish investors are also looking to invest and diversifytheir capital in other markets, and the GCC is on the list".