KARACHI - Dawood Islamic Bank Limited has received Rs 1 billion investment from Unicorn Investment Bank Limited, based in Bahrain, says a statement issued by the bank's head office in Karachi. Unicorn already had a 22.2 pc equity stake in Dawood Islamic Bank prior to the current investment. With the new investment the equity of Unicorn Investment Bank, in Dawood Islamic Bank has increased to 37 percent. Aamir Khan, MD and Head Global Private Equity of Unicorn Investment Bank and a founder Director of Dawood Islamic Bank, said that the decision to invest in Dawood Islamic Bank, at a time when the global confidence in financial institutions is at its lowest ebb in Pakistan, is based on excellent opportunities that are available in the Islamic banking sector of Pakistan. The stake in Dawood Islamic Bank provides Unicorn with access to the Pakistan market with its 160m inhabitants, 97pc of whom are Muslims, he added. The investment by Unicorn Investment Bank, would further boost the ability of the Dawood Islamic Bank to provide support to trade and industry through its various Riba-free banking products Said Rafique Dawood, Chairman Dawood Islamic Bank. The interest of Unicorn in DIBL reflects the strength of the Islamic Banking System of Pakistan which has withstood the current turmoil in the global financial markets proving to the world that Shariah compliant financing is more transparent and trust worthy. Islamic deposits represented 4pc of total deposits in Pakistan in 2008, but this figure is projected to reach 10pc of total deposits, or approximately $13b by 2014.