Press Release

JCR-VIS Reaffirms IFS Rating of Takaful Pakistan Limited

Karachi, May 31, 2011: JCR-VIS Credit Rating Company Limited has reaffirmed the Financial Strength Rating of Takaful Pakistan Limited (TPL) at ‘BBB+’ (Triple B Plus). Outlook on the assigned rating is ‘Stable’.

With on-going efforts towards curtailing costs, underwriting expenses have declined in FY10 with further reduction expected in the on-going year in view of the consolidation strategy under implementation. Both staff strength and number of branches have been reduced. Results of both Participants’ Takaful Fund and Shareholders’ Fund have posted improvement in recent months. Continuation of this trend is necessary to reinstate the financial position of the company. Given the losses in the past, equity stands reduced and the company may also require external capital injection in future. While the office of Chief Executive Officer remains vacant, a senior insurance professional has been appointed as Advisor.

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



Javed Callea
Advisor

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 May 31, 2011 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.