Saturday October 11, 2003 -- Sha'aban 14, 1424 A.H.
First Microfinance Bank gets highest rating
KARACHI: The First Micro Finance Bank Limited (FMFBL), one of the first institutions of its kind to receive a license from the Afghan government, has recently been awarded highest rating by the JCR-VIS, a credit rating agency, said a press release on Friday. The FMFBL was awarded a medium to long term rating of "A+" (Single A Plus) with a positive outlook, and a short term rating of A-1 + (A One Plus). The JCR-VIS said in a press release, "The ratings incorporate the management’s expertise and the boards’ commitment to the mandate of the bank. "They added that it also features the operational and credit-monitoring experience that FMFBL draws from the Aga Khan Fund for Economic Development, which is managing several institutions and microfinance programs in South Asia, Central Asia and Africa, as well as from Aga Khan Rural Support Program (AKRSP) in Pakistan, allowing the bank to develop effective appraisal systems to mitigate the risks associated with microfinance."