KARACHI - Kuwait based Noor Financial Investment Company aimed to raise its stake to 41.7 per cent from 34.7 per cent in Meezan Bank Limited, by purchasing further 7 per cent or 31.3 million stocks from Shamil Bank of Bahrain, for which an approval has been obtained from the State Bank of Pakistan, a statement issued at KSE on Wednesday said. According to the statement, purchasing additional shares, the percentage of which shall be determined subject to the approval of the SBP and other regulatory authorities, which shall be acquired by way of a tender offer. Noor Financial Investment Company had signed an agreement with the Bahraini lender Shamil Bank to acquire its 7pc stake in the Pakistani Islamic lender, Meezan Bank, Noor said in a statement issued on 14 July 2008. The statement further said that the company bought 31.296,788 stocks, or 37 rupees (US$ 0.864) per stock and totaling Kuwaiti dinner(KD) 4.579.850 million. Meezan Islamic Bank is considered the first and biggest Islamic bank in Pakistan with more than 100 branches in 33 cities. The bank is also considered one of the fastest growing financial banks in Pakistan with an average level of growth totaling 60pc.