Press Release

JCR-VIS revises Outlook on rating of Takaful Pakistan Limited

Karachi, August 28, 2008: JCR-VIS Credit Rating Company Limited had assigned an initial financial strength rating of ‘A-’ (Single A Minus) to Takaful Pakistan Limited (TPL) in April 2008.

The assigned rating incorporated the launch of innovative insurance products, which were to form a large proportion of the projected business volumes. However, delays in launch of the same have compromised the ability of TPL to meet projected targets. In view of this, outlook has been revised from ‘Stable’ to ‘Negative’. JCR-VIS will continue to monitor developments with respect to business mobilization.

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.



Safdar Kazi
Director

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