DUBAI ISLAMIC BANK PAKISTAN CREDIT RATING UPGRADED BY JCR VIS
Karachi, May 18, 2017: Dubai Islamic Bank Pakistan Limited (DIBPL) entity ratings have been upgraded by JCR-VIS Credit Rating Company Limited from ‘A+/A-1’ (Single A Plus/A-One) to ‘AA-/A-1’ (Double A Minus/A-One). Outlook on the assigned ratings is ‘Stable’.
Ratings assigned to DIBPL are driven by improvement in key performance areas and strong profile of its sponsor.
During 2016, DIBPL pursued a consolidation strategy which has resulted in significant improvement in financing and deposit mix. Asset quality indicators of the bank compare favorably to peers. Profit before tax of the bank increased by 93% during 2016 on the back of improvement in core profitability. The ratings are underpinned by the projected growth in profitability, improved efficiency and sustained asset quality indicators.
DIB Pakistan is a wholly owned subsidiary of Dubai Islamic Bank PJSC, UAE (DIB). DIB was established in 1975 as the world’s first Islamic Bank in the UAE. With Group assets of USD 50 bln, a market capitalization of around USD 7.0bln, and workforce of more than 8000 employees within the group, the organization is fast being recognized as a formidable force in Islamic Finance and one of the most progressive Islamic Finance institutions in the world. Currently, DIB has presence across all emirates in the UAE with growing international operations in South Asia, Far East, Middle East, Europe and Africa.
Alhamdulillah, DIB recognized as the world’s first Islamic bank, has a well-established franchise in the UAE and has been rated ‘A/A-1’ (Single A/A-One) on the international scale by Islamic International Rating Agency.
About Dubai Islamic Bank:
Established in 1975, Dubai Islamic Bank is the largest Islamic bank in the UAE by assets and a public joint stock company listed on the Dubai Financial Market. Spearheading the evolution of the global Islamic finance industry, DIB is also the world’s first full service Islamic bank and the fourth largest Islamic bank in the world. The Bank currently operates 90 branches across the UAE, is present in seven markets worldwide and is expanding its global footprint to further grow and develop the industry. Serving close to 1.7 million customers, DIB offers its growing consumer base an increasing range of innovative Sharia compliant products and services.
DIB has been proactive in creating partnerships and alliances at both the local and international level. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which has a network of more than 240 locations across 62 major cities in Pakistan. DIB also received regulatory approval to increase its shareholding in PT Bank Panin Syariah in Indonesia to 40 percent.
Embarking on a newly established growth agenda in 2014, the Bank has been a leading performer in the UAE financial sector over the last three years with record breaking performance despite volatile market conditions. The massive growth has seen DIB’s market share cross over 6%, the financing book nearly doubling and deposits growing by over 50% during the same period. Even more impressive is the more than 100% growth in profits in the last three years as DIB joined the exclusive USD 1 bln profit club in the country.
The Bank’s ultimate goal is to make Islamic finance the norm, rather than an alternative to conventional banking for businesses and consumers worldwide. DIB has won a range of accolades that are testament to these efforts across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services. Consequently, DIB has been recognized as “Best Islamic Bank in the UAE” at the 2016 World Finance – Islamic Finance Awards, and has received four major accolades at the 11th Islamic Business and Finance Awards 2016, including “Best Retail Bank in the UAE, Best Corporate Bank in the UAE, Best Sukuk Arranger and Best Islamic Bank”. In addition to the “Best Sukuk House” awarded at the EMEA Middle East Banking Awards 2016, DIB was also honored with record twelve accolades at the Islamic Finance News Awards 2016, receiving among the awards “Best Overall Islamic Bank” and “Best Islamic Bank in the UAE” for the second consecutive year. These awards were in addition to the eight landmark transactions the Bank was recognized for at the 2016 IFN “Deals of the Year” Awards including “UAE Deal of the Year”.