The Pakistan Credit Rating Agency (Pacra) has maintained the long-term and short-term entity ratings of Emirates Global Islamic Bank Limited (EGIBL) at A- (Single A minus) and A2 (A Two) respectively. These ratings denote a low expectation of credit risk emanating from a strong capacity for timely payment of financial commitments.
The ratings reflect EGIBL's experienced management team and gradual progression towards establishing a sound operating platform, supplemented by developing technological infrastructure and expanding outreach.
Although the bank is in initial stage of operations, the management has designed a plan for enhancing its franchise value through focused branding, product innovation and high service standards. However, the success of these initiatives, pursued by other new players as well, into desired results, remains to be seen.-PR
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