Press Release

JCR-VIS assigns initial rating of A- to Takaful Pakistan Limited

Karachi, April 9, 2008: JCR-VIS Credit Rating Company Limited has assigned an initial financial strength rating of ‘A-’ (Single A-) to Takaful Pakistan Limited (TPL). Outlook on the assigned rating is ‘Stable’.

Having established operations with a sizeable paid up capital; TPL has adequate room to support the participants’ takaful fund at times of stress. The sponsors of the company mainly comprise reputable local and foreign names from the financial sector.

Senior management possesses sound knowledge of the principles of insurance and takaful and has been involved in the pioneering efforts of takaful in the country. In addition to the Board of Directors, the operations are also supervised by Shariah Advisory Board, constituting reputable scholars, while the organization will also be subject to annual Shairah Audit. Re-takaful cover has been obtained from highly rated companies internationally.

The takaful operations are organized under the wakala-waqf model, with the Participants’ Takaful Fund charged a wakala fee as a proportion of the premium generated and also a modarib fee for the investment management function. Although the company has projected rapid growth in its portfolio over ensuing years, JCR-VIS believes that the company is well poised to meet projected targets given the introduction of innovative products.

For further information on this rating announcement, please contact Syed Ziauddin Ahmed (Ext: 508) or Ms. Sobia Maqbool (Ext: 506) at 5311861-70 or fax to 5311873.



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 2008 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .