Press Release

JCR-VIS Revises IFS Rating of Takaful Pakistan Limited

Karachi, April 19, 2010: JCR-VIS Credit Rating Company Limited has revised the Financial Strength Rating of Takaful Pakistan Limited (TPL) from ‘A-’ (Single A Minus) to ‘BBB+’ (Triple B Plus). Outlook on the assigned rating has been revised from ‘Negative’ to ‘Stable’.

TPL has discontinued ‘Amaan’ travel takaful package. The strategy has been revised to restrict business to more conventional product lines. While TPL has posted growth in contributions on a year-on-year basis, profitability & capital is much lower than expected.

The company may also require external capital injection to strengthen capitalization levels. The office of Chief Executive Officer, which is currently vacant, is expected to be filled soon.

For further information on this rating announcement, please contact Syed Ziauddin Ahmed (Ext: 508) or Ms. Sobia Maqbool (Ext: 506) at 021-35311861-70 or fax to 021-35311873.



Faheem Ahmad
President & CEO

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (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. 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. 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 April 19, 2010 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.