KARACHI:VIS Credit Rating Company Limited has finalized the rating of double A assigned to planned Tier 2 Sukuk issue of Meezan Bank Limited. The outlook on the assigned rating is stable. The previous rating action was announced on Nov. 19, 2019, said a press release on Wednesday. MBL has issued second tranche of a regulatory compliant unsecured, subordinated privately placed Tier 2 Sukuk of Rs. 4 billion (Sukuk). The Sukuk is structured based on the principles of Mudarabah and will have a tenor of 10 years with bullet maturity and semi-annual profit payments. The Sukuk proceeds will contribute towards the Bank’s Tier-2 capital and will support the future growth plans of the Bank. The assigned rating incorporates MBL’s strong Islamic franchise, growing market share, sound financial profile and stable & experienced senior management team.
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