DUSHANBE, July 29, 2008, Asia-Plus — France’s rating agency, Planet Rating, has given high marks for activity of open joint-stock company (OJSC), Eskahta Bank, in 2007, according to a statement posted on Eskhata Bank’s website.
The bank’s activity has been assessed as demonstrating financial stability and sustainable growth, the statement said.
According to Masrour Ishonov, a leading economist with the international business department within Eskhata Bank, the bank’s activity was evaluated by means of GIRAFE methodology. They, in particular, evaluated management indicators, accounting and reporting system, dataware, risks and financing (level of stability and financial resources for the bank’s transactions).
The rating evaluation has promoted improvement of transparency of financial activity of the bank, the statement said, noting that it was the second rating evaluation of Eskhata Bank. Last year, India’s MCRIL evaluated Eskhata Bank’s activity and also gave high marks, the statement quoted Daler Sodiqov, head of the international business department, as saying.
Established in November 1993, a privately owned Eskhata Bank, with headquarters in Khujand, has eight branches in various regions of the country. The bank got operating license in 1994. In December 2005, European Bank for Reconstruction and Development (EBRD) took equity in Eskhata Bank that allowed Eskhata to continue to comply with the National Bank of Tajikistan’s minimum capital requirements, which have been revised upwards to $5 million.
Planet Rating is a specialized microfinance rating agency. Its GIRAFE methodology is continuously enhanced to follow the evolution of the sector. The agency is committed to contribute to the professionalization of the microfinance industry through higher transparency and access to financing.
GIRAFE is an innovative rating approach conceived by Planet Rating in order to evaluate the performance and institutional risk of microfinance institutions (MFIs). The objective of GIRAFE is to promote an international standard of performance thereby strengthening the confidence of commercial investors.
