Press Release

VIS Finalizes Sukuk Rating of AA to the Basel 3 compliant Tier 2 Sukuk (2nd Tranche) by Meezan Bank Limited
 

Karachi, January 21, 2020: VIS Credit Rating Company Ltd. has finalized the rating of ‘AA’ (Double A) assigned to planned Tier 2 Sukuk issue of Meezan Bank Limited (“MBL” or the “Bank”). Outlook on the assigned rating is ‘Stable’. The previous rating action was announced on November 19, 2019.

MBL has issued second tranche of a regulatory compliant unsecured, subordinated privately placed Tier 2 Sukuk of Rs. 4.0b (Sukuk). The Sukuk is structured based on the principles of Mudarabah and will have a tenor of 10 years with bullet maturity and semi-annual profit payments. The Sukuk proceeds will contribute towards the Bank’s Tier-2 capital and will support the future growth plans of the Bank.

The assigned rating incorporates MBL’s strong Islamic franchise, growing market share, sound financial profile and stable & experienced senior management team.

For further information on this rating announcement, please contact Mr. Talha Iqbal (Ext: 213) or the undersigned (Ext. 201) at 021-35311861-70 or email at info@vis.com.pk .



Javed Callea
Advisor

Applicable rating criterion: Commercial Banks Methodology - March 2018
http://vis.com.pk/docs/Meth-CommercialBanks201803.pdf

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