Standard & Poor's named Best Ratings Agency for Takaful, Islamic Finance
Source: BI-ME , Author: Posted by BI-ME staff
Posted: Thu July 28, 2011 2:36 pm

INTERNATIONAL.  For the fourth consecutive year, Standard & Poor’s has been voted Best Ratings Agency at the International Takaful Awards 2011 in London, reinforcing its position as the leading rating agency for Islamic insurers. 

Standard & Poor’s currently publishes research and ratings on 15 Takaful and Retakaful firms located in Bahrain, Kuwait, Malaysia, Kingdom of Saudi Arabia, Singapore and the United Arab Emirates.

In May 2011, it assigned ratings for the first time to start-up Islamic insurance companies Noor Takaful Family and Noor Takaful General, based in the United Arab Emirates.
 
“We are delighted to be recognized by the Islamic finance community once again for our ongoing commitment to supporting the development of the Shariah-compliant insurance sector,” said Yann Le Pallec, managing director of Standard & Poor's Ratings Services in Europe, Middle East and Africa.

“Receiving this award is clear recognition of the value that investors have placed on our sustained analytical focus on Islamic finance over a number of years, and Standard & Poor’s will continue to look for new ways to serve the needs of Islamic investors with independent and objective credit ratings and risk assessment products.”
 
The International Takaful Awards are an initiative of the Middle East Business Forum and Afkar Consulting, with winners selected by a panel of Shariah judges, lawyers, journalists and practitioners from the world’s leading Islamic insurance firms.
 
Standard & Poor’s has also been named Best Rating Agency for Islamic Finance at The Asset magazine’s 2011 Asian Awards. The Asset magazine targets the community of leading corporate and financial decision makers in Asia.  
 
Standard & Poor’s Takaful and Retakaful Ratings*

Hannover Retakaful                                         Bahrain                      A/Stable
Takaful International                                         Bahrain                      BBB/Negative
Wethaq Takaful                                                Kuwait                       BB/Stable
Malath Cooperative Ins & Reins Co                  Saudi Arabia              BBB/Positive
Mediterranean & Gulf Cooperative Ins Co       Saudi Arabia               A-/Stable
Saudi Re for Cooperative Reins Co                 Saudi Arabia               BBB+/Stable
Tawuniya/The Company for Cooperative Ins   Saudi Arabia              A/Stable
Dubai Islamic Ins Co/Aman                                U.A.E.                        BBB/Stable
Noor Takaful Family                                           U.A.E.                        BBB-/Stable
Noor Takaful General                                        U.A.E.                         BBB-/Stable
Salama                                                               U.A.E.                        BBB+/Positive
BEST Re (L)                                                      Malaysia (Labuan)      BBB+/Positive
BEST Re Family (L)                                           Malaysia (Labuan)      BBB+/Positive
Takaful Re                                                         U.A.E.                         BBB/Stable
Tokio Marine Retakaful                                      Singapore                   AA-/Negative
 
 

 *Ratings correct at July 27, 2011

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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UAE. Total wealth in the GCC stood at US$ 1.7 tillion in 2014, up 4.75% from 2013; Total wealth in Saudi Arabia and UAE grew by 5%; Global household wealth up 8.3% to US$263 trillion, driven by the US and Europe, according to Credit Suisse Research Institute.
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