Bahrain-based Unicorn Investment Bank, which operates in accordance with Islamic law, said on Sunday it would buy Bahrain Financing Company, the country's first foreign exchange company.

"The Strategic Acquisistion Fund, a financial services acquisition fund promoted by Unicorn and established in cooperation with a number of strategic founding investors from across the GCC, will take a significant stake in the acquisition," the bank said in a statement without giving further details of the deal.

In January the bank bought 80 percent of US electronics firm Victron Inc for $70 million.

Unicorn's business lines include corporate finance, private equity and asset management. - Reuters