Kuwait's Noor Financial Investment Company plans to raise its stake in Pakistani Islamic lender Meezan Bank to 42 per cent from 35 per cent, its managing director said.

The purchase will cost about $20 million, Al Marri said, adding the move would require the approval of Pakistan's central bank, an Emirates Business report said.

Al Marri also said Noor's telecommunications unit was expected to start operating in the fourth quarter and to list its shares in Dubai next year and in Kuwait in 2011 after a share offer.

NoorTel said in April it planned to raise $203 million in an initial public offering.