JCR-VIS Credit Rating Co Ltd (JCR-VIS) has upgraded the entity ratings of Dawood Islamic Bank Limited (DIBL) from ‘BBB+/A-3’ (Triple B Plus/ A-Three) to ‘A-/A-2’ (A Minus/ A-Two) with a stable outlook.
The shareholding pattern of Dawood Islamic Bank Limited (DIBL) is expected to undergo change, following the Rs 1.8 billion in rights issued planned by June 30, 2011, with Unicorn Investment Bank (UIB) and Islamic Corporation for Development of the Private Sector (ICD) to emerge as the two major shareholders.
With the reconstitution of the board and change at the executive management level during FY10, the bank will be able to pursue its business strategy in a more focused manner.