Company Profile

JCR-VIS Credit Rating Co. Ltd. (JCR-VIS), approved by Securities & Exchange Commission of Pakistan and State Bank of Pakistan, is operating as a ‘Full Service’ rating agency providing independent rating services in Pakistan. JCR-VIS is a joint venture between Japan Credit Rating Agency, Ltd. (JCR) - Japan's premier rating agency, Vital Information Services (Pvt.) Limited (VIS) – Pakistan’s only independent financial research organization, Karachi Stock Exchange and Islamabad Stock Exchange.

JCR-VIS is not an NRSRO and its ratings are not NRSRO credit ratings. As per the technical agreement with JCR, JCR-VIS may seek JCR’s assistance on any conceptual and methodology related matter. However, JCR is not represented on the rating committee and JCR-VIS does not seek JCR’s opinion on individual ratings.

In January 2001 JCR and VIS entered into a Joint Venture Agreement whereby JCR acquired 15% share in DCR-VIS Credit Rating Co. Ltd. of Pakistan. As a result of this agreement, the name of the company changed from DCR-VIS Credit Rating Co. Ltd. to JCR-VIS Credit Rating Co. Ltd. (JCR-VIS). The DCR-VIS Credit Rating Co. Ltd. was incorporated in 1997 as a joint venture between VIS, Pakistan Stock Exchange Limited (PSX), ISE Towers RIET Management Company Ltd (ISE) and Duff & Phelps Credit Rating Co. (DCR). Subsequent to DCR’s merger with Fitch IBCA, DCR sold its interests in DCR-VIS to VIS.


Japan Credit Rating Agency, Ltd. - (JCR)

JCR was established in April 1985 by a group of major Japanese institutional investors and was authorized by Japan’s Ministry of Finance (MOF) as a recognized rating agency in 1987. JCR’s rating services cover broad range of financial products including long-term bonds, senior debts, medium-term notes, and commercial paper for resident and non-resident entities, and multilateral development banks. In addition, JCR rates ability to pay insurance claims for the Japanese life and casualty insurance companies as well as structured financing for both residents and non-residents including asset-backed securities.

JCR enjoys a strong support from Japan’s prominent institutional investors. The 109 shareholders include Japan’s major life and casualty insurance companies, all trust banks, 60 of 64 regional banks, The Norinchukin Bank and The Bank of Tokyo Mitsubishi.

Vital Information Services (Pvt.) Ltd. - (VIS)

Vital Information Services (Pvt.) Limited (VIS) was incorporated in 1994 with the equity participation of leading financial institutions, the largest publication house of Pakistan (The Jang Group), Mr. Faheem Ahmad and other professionals. The company provides independent capital market research based services to companies, small and large investors, etc.

VIS’ major strength is its exhaustive database on corporate Pakistan and ability to perform statistical and financial analyses on this database. VIS has a major interest in a credit bureau - NEWS-VIS Credit Information Services (Pvt.) Ltd.

Pakistan Stock Exchange Limited (PSX)

Formerly Karachi Stock Exchange Limited (KSE), PSX is the premier stock exchange of the country. KSE came into existence in 1947. In 1949, KSE was converted into a company limited by guarantee. PSX was established on 11 January 2016 after the merger of individual stock exchanges of Karachi, Lahore and Islamabad. One of the most rapidly growing emerging market exchanges, PSX is now also part of the MSCI Emerging Markets Index and was among the world's best performing stock market's, between 2009 and 2015.

ISE Towers REIT Management Company Ltd (ISE)

ISE Towers REIT Management Company Limited (Formerly Islamabad Stock Exchange Limited (ISE)) was incorporated on October 25, 1989 to function as a Stock Exchange. ISE entered into a Memorandum of Understanding (MoU) on August 25, 2015 with Karachi Stock Exchange Limited (KSE) and Lahore Stock Exchange Limited (LSE) with the objective to form an integrated stock exchange for development of capital market of Pakistan under the name of Pakistan Stock Exchange Limited (PSX).

Subsequent to the integration of Stock Exchanges, ISE was transformed into ISE Tower REIT Management Company Limited. Licensed as a Non-Banking Finance Company (NBFC), ISE is now approved to form and launch Real Estate Investment Trust (REIT) under Real Estate Investment Trust Regulations, 2015.

Joint Ventures & Affiliations

Islamic International Rating Agency IIRA

The Islamic International Rating Agency (IIRA) is the sole rating agency established to provide capital markets and the banking sector in predominantly Islamic countries with a rating spectrum that encompasses the full array of capital instruments and specialty Islamic financial products, and to enhance the level of analytical expertise in those markets.

IIRA is sponsored by multilateral development institutions, leading banks, other financial institutions and rating agencies. Its shareholders operate from eleven countries which constitute the agency’s primary marketing focus.

In order to further augment its technical capacity, in May 2011, IIRA entered into a formal technical affiliation agreement with its two rating agency shareholders. This initiative provides a platform for IIRA to collaborate with MARC and JCR-VIS on the development of new rating product offerings for the Islamic financial services sector, enhance its quality of service and promote best practices in order to meet the requirements of Islamic financial industry.

JCR-VIS provides management services to IIRA in addition to assistance under the technical partnership agreement.

Credit Rating Information And Services Limited (CRISL)

CRISL is the first ever joint venture rating agency operating in Bangladesh since 1995. It is a joint venture of Malaysia Berhad (RAM), JCR-VIS Credit Rating Company of Pakistan, few financial institutions and a host of celebrated professionals of Bangladesh. With a license from the Securities Exchange Commission (SEC) under Credit Rating Companies Rules 1996, CRISL now appears as the flagship organization of Bangladesh.

CRISL is a public limited company dedicated for credit rating and related services and is being recognized by Bangladesh Bank as the External Credit Assessment Institution (ECAI) to offer its services to the banking community for banking client rating.

Board of Directors

Rating Committee

Criteria & Methodology Group

»  Abdul Hussein Tejany (Chairman BOD)

»  Faheem Ahmad

»  Faryal Ahmad Faheem

»  Farzeen Ali Allawala

»  Sabeen Saleem

»  Saeed Khan

»  Syed Asad Mashadi

»  Basheer A. Chowdry (External Member)

»  Jamal Abbas Zaidi

»  Javed A. Callea

»  Maimoon Rasheed

»  Muhammad Rashid Zahir (External Member)

»  Faheem Ahmad

»  Javed A. Callea

»  Maimoon Rasheed


President & CEO

Faheem Ahmad
President & CEO

Senior Management

Saeed Khan
Executive Director Finance
Faryal Ahmad Faheem
Deputy CEO
Muhammad Bilal Aftab
Director Compliance & Rating Analytics

Advisors & Directors

Atiq Anwar Mahmudi
Syed Jamal Abbas Zaidi
Javed A. Callea
Maimoon Rasheed

Senior Analyst

Talha Iqbal Choangalia
Senior Manager
Muniba Khan
Senior Manager
Muhammad Abu Bakar
Group Head Business Development-North
Mohsin S.Jaffri
Group Head Editorial Services


Ibad Deshmukh

Narendar Shankar Lal

Assistant Managers

Ahmad Zahid
Assistant Manager

Asfia Aziz
Assistant Manager

Hamza Amir
Assistant Manager

Jahanzaib Alvi
Assistant Manager

Madeeh Ahmed
Assistant Manager

Maham Qasim
Assistant Manager

Muhammad Tabish
Assistant Manager

Raveena Kumari
Assistant Manager

Syed Fahim Haider Shah
Assistant Manager

Tayyaba Ijaz
Assistant Manager