Press Release

JCR-VIS Assigns Preliminary Rating of A+ to the Proposed Basel 3 compliant Tier 2 Sukuk by Dubai Islamic Bank Pakistan Limited

Karachi, June 22, 2017: JCR-VIS Credit Rating Company Ltd. has assigned preliminary rating of ‘A+’ (Single A Plus) to planned Tier 2 Sukuk issue of Dubai Islamic Bank Pakistan Limited (DIPBL). Outlook on the assigned rating is ‘Stable’.

DIPBL is in the process of issuing a regulatory compliant unsecured, subordinated privately placed Tier 2 Sukuk amounting up to Rs. 4.0b (inclusive of Green Shoe Option of Rs. 1.0b). The Sukuk is structured based on the principles of Modaraba and will have a tenor of 10 years with bullet maturity and semi-annual profit payments. The Issue proceeds will contribute towards the bank’s Tier-2 capital and will be utilized towards enhancement of the bank’s business operations.

As at end-March’2017, DIBPL had an asset base of Rs. 164.0b while net equity stood at Rs. 13.9b. JCR-VIS has assigned a ‘AA-/A-1’ (Double A Minus/A-One) entity ratings to DIBPL. Ratings are driven by improvement in key performance areas (capitalization, profitability and asset quality) and strong profile of its sponsor.

For further information on this rating announcement, please contact the undersigned (Ext: 201) at 92-21-35311861 or fax to 92-21-35311873.

Javed Callea

Applicable Rating Criteria: Commercial Banks Methodology - November 2015

Information herein was obtained from sources believed to be accurate and reliable; however, JCR-VIS Credit Rating Company Limited (JCR-VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. JCR-VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. JCR-VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings. JCR-VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2017 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS.

JCR-VIS Credit Rating Company Limited