Daily Times
July 31, 2021
The Asian Development Bank’s (ADB) Trade and Supply Chain Finance Program (TSCFP) has signed an agreement with Dubai Islamic Bank Pakistan Limited (DIBPL) to support trade in Pakistan.
ADB will provide guarantees to help DIBPL expand its trade finance business in Pakistan, said a press statement of the bank received here. TSCFP has been operating in the country since 2008 and the addition of DIBPL increases TSCFP’s Pakistan partner banks to 13 and makes Pakistan one of the program’s most promising markets, it added.
To date, the program has supported more than $17.3 billion in trade in Pakistan through 5,891 transactions. This support has predominantly been provided for steel, polypropylene, fertilisers, and machinery for garments and weaving. In 2020, TSCFP supported 650 transactions in Pakistan valued at $1.2 billion, with 51pc co-financed with commercial banks.
ADB partners with DIBPL for trade finance in Pakistan thepaypers.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thepaypers.com Daily Mail and Mail on Sunday newspapers.
VIS reaffirms DIP Pakistan ratings
July 10, 2021
KARACHI: VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of Dubai Islamic Bank Pakistan Limited at AA/A-1+ (Double A/A-One Plus), a statement said.
The rating assigned to the bank s Tier II Sukuk and Additional Tier-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 a strong financial profile and track record of demonstrated support of the sponsor, Dubai Islamic Bank PJSC, UAE, the bank said in a statement. “Subsequent to its acquisition of Noor Bank, DIB has established itself as one of the two largest Islamic Banking Institutions in the world.”
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