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
http://www.jcrvis.com.pk/Images/Meth-CommercialBanks201511.pdf

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