Press Release
VIS assigns Positive Outlook to Basel 3 Compliant Additional Tier-1 (Sukuk 2) Instrument of Dubai Islamic Bank Pakistan Limited
Karachi, June 30, 2025: VIS Credit Rating Company Limited (VIS) has maintained the rating assigned to Sukuk 2 (Basel 3 Compliant Additional Tier-1 instrument) of Dubai Islamic Bank Pakistan Limited (‘DIBPL’ or the ‘Bank’), at ‘A+’ (Single A Plus). The long-term instrument rating of ‘A+’ denotes good credit quality; protection factors are adequate. Risk factors may vary with possible changes in the economy. Outlook on the assigned ratings has been changed to ‘Positive’ from ‘Stable.’ The previous rating action was announced on June 27, 2024.
In December 2018, the Bank raised PKR 3.12 billion by issuing privately placed, perpetual, unsecured, and subordinated Shariah compliant Sukuk based on Mudaraba. The profit is payable monthly in arrears. The Bank can call the Sukuk any time after five years from the issue date, provided it has prior approval from the State Bank of Pakistan (SBP). Additionally, the Sukuks are subject to Lock-in-Clause, and Loss Absorbency Clause as per the ‘SBP’s Instructions for Basel 3 Implementation in Pakistan.’
For further information on this rating announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria:
Financial Institutions
https://docs.vis.com.pk/Methodologies%202024/Financial-Institution-v2.pdf
Instrument Rating
https://docs.vis.com.pk/Methodologies-2025/IRM-Apr-25.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf