JCR-VIS Credit Rating Company Ltd. has reaffirmed the medium to long term entity rating of Dubai Islamic Bank Pakistan Ltd. (DIBPL) at ‘A’ (Single A) and short term at ‘A-2’ (A-Two) the outlook on the ratings remains ‘Stable’.
Reaffirmation of the rating incorporates injection of Rs. 892 million of capital by the parent bank, Dubai Islamic Bank (DIB), UAE, during 2008, increasing equity to Rs. 5.07 billion thus meeting the minimum capital requirement applicable by year end.
DIBPL has been profitable since the last quarter of 2008 and 2009 is expected to be the bank’s first fully profitable year.
Deposits have shown growth and on the asset side focus on secured consumer products continues which has contributed to strong spreads.  Information systems are strong and collection processes streamlined, therefore the delinquency rates are markedly better vis-a-vis other market players in the consumer segment.