JCR-VIS Credit Rating Company Limited has upgraded the short-term rating of Dubai Islamic Bank Pakistan Limited (DIBPL) to 'A-I' (A-One) from 'A-2' (A-Two). The medium to long-term entity rating has been maintained at 'A' (Single A), while outlook on the rating remains 'Stable'.

The revision of short-term rating takes into account the recent capital injection of USD 9 million by the sponsoring bank, allowing DIBPL to meet the minimum capital requirement of Rs 6 billion for FY09. Moreover, DIBPL has also been able to post profitable results for the first time during the full year of 2009 while continuation of positive trends in this regard may further enhance the level of capitalisation. DIBPL (a 100 percent owned subsidiary of DIB, UAE), commenced operations in Pakistan in 2006 and is presently operating with 36 branches nation-wide.-PR

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