January 10, 2018: Upon review of final signed legal documents, JCR-VIS Credit Rating Company Limited (JCR-VIS) has assigned finalized rating of ‘A’ (Single A) to Dubai Islamic Bank Pakistan Limited’s (DIBPL) proposed Basel 3 compliant Additional Tier-1 Sukuk. Outlook on the assigned rating is ‘Stable’.
DIBPL has issued privately placed/ OTC Listed, perpetual, unsecured, subordinated, non-cumulative and contingent convertible Shariah compliant Sukuk amounting up to Rs. 3.12b. The issue proceeds will contribute towards the bank’s Additional Tier-1 (ADT-1) capital and will be utilized towards enhancement of the bank’s business operations.
JCR-VIS has assigned entity ratings of AA-/A-1+ (Double A Minus/A-One Plus) to DIBPL indicating high credit quality. The assigned ratings reflect the Bank’s sound asset quality indicators, strong & consistent profitability growth over the last three years and adequate liquidity and capitalization indicators.
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