KARACHI: VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of Dubai Islamic Bank Pakistan Limited (“DIBPL’ at ‘AA/A-1+’ (Double A/A-One Plus).

The rating assigned to the Bank’s Tier II Sukuk and Additional Tier-1 (ADT-1) Sukuk has been reaffirmed at ‘AA-” (Double A Minus) and A+ (Single A Plus) respectively. Outlook on the assigned ratings is ‘Stable’. The previous entity rating action was announced on June 30, 2020.

The assigned ratings incorporate strong financial profile and track record of demonstrated support of the sponsor, Dubai Islamic Bank PJSC, UAE (DIB). Subsequent to its acquisition of Noor Bank, DIB has established itself as one of the two largest Islamic Banking Institutions in the world.

The assigned ratings incorporate strong financial profile and track record of demonstrated support of the sponsor, Dubai Islamic Bank PJSC, UAE (DIB). Subsequent to its acquisition of Noor Bank, DIB has established itself as one of the two largest Islamic Banking Institutions in the world.—PR

Copyright Business Recorder, 2021