Press Release

Rating of Sukuk issued by Dubai Islamic Bank Pakistan Limited

Karachi, September 05, 2017: JCR-VIS Credit Rating Company Limited has finalized the rating of ‘A+’ (Single A Plus) assigned to the Tier 2 Sukuk issue of Dubai Islamic Bank Pakistan Limited (DIPBL). Outlook on the assigned rating is ‘Stable’. The previous rating action was announced on June 22, 2017.
DIBPL has issued a regulatory Shariah compliant unsecured, subordinated privately placed Tier 2 Sukuk of Rs. 4.0b. The Sukuk is structured based on the principles of Mudaraba and has a tenor of 10 years. Purpose of Sukuk issuance is to support the Bank in strengthening its overall capitalization levels and meet Basel III requirements.

As at end-June’2017, DIBPL had an asset base of Rs. 172.3b while net equity stood at Rs. 14.1b. The bank posted a profit before tax of Rs. 1.08b (1HCY16: Rs. 732.9m) during 1HCY17.

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

Faryal Ahmad Faheem
Deputy CEO

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