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| January 30, 2008 | Wednesday | Muharram 20, 1429 |
Company news
KARACHI, Jan 29: An agreement was signed between Al-Zamin Leasing Modaraba, Takaful Pakistan Limited and Anchor International Ltd to launch and promote Takaful insurance products and services in Pakistan.
Anchor Capital International is a registered franchisee of Takaful Pakistan to promote retail land corporate Takaful business in Pakistan. It is an associated company of Anchor Finance Group, based in New York, involved in Shariah-compliant financial product development, says a press release.
KARACHI, Jan 29: Fitch Ratings on Tuesday upgraded Pakistan-based United Bank Ltd’s individual rating to ‘D’ from ‘D/E’. The agency affirmed the UBL’s support rating at ‘5’.
The upgrade in the bank’s rating reflects its improved balance sheet strength over the past two to three years as well as its adequate profitability, though further improvement was likely to be limited amid the uncertain political and economic environment.
The good profitability over the last two years bolstered the bank’s capital position and its equity-to-asset ratio rose to 6.7 per cent at end Sept 30, 2007. — Our reporter
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