INTERNATIONAL. For the third consecutive year, Standard & Poor’s has been voted Best Takaful Ratings Company at the International Takaful Awards 2010 in London, in recognition of its leading role in rating the developing Islamic insurance industry.
The award reinforces Standard & Poor’s position as the leading rating agency for Islamic insurers. S&P currently has ratings on 12 Takaful and Retakaful firms across Africa, the Middle East and Asia.
“Getting this award again is a great honour for Standard & Poor’s and a clear recognition of our sustained analytical focus on Takaful and Re-Takaful for the past five years,” said Yann Le Pallec, managing director of Standard & Poor's Ratings Services.
“The takaful concept is now firmly established within global risk management markets and we believe there is significant scope for further growth, given the relatively low penetration rates for insurance products in the Middle East and Asia, and a growing awareness of its benefits,” said Neil Gosrani credit analyst at Standard & Poor’s Ratings Services. "We expect greater operational efficiencies to develop over the coming years, which could lower expenses and enable the sector to benefit from true economies of scale for the first time."
The International Takaful Awards 2010 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 Takaful and Retakaful Ratings*
Best Re BBB+/Stable
First Takaful BBB-/Watch Negative
Hannover Retakaful A/Stable
Saudi Re BBB+/Stable
Takaful International BBB/Stable
Takaful Re BBB/Stable
Tokio Marine Retakaful AA/Negative
Wethaq Takaful BB/Negative
*Ratings correct at July 15, 2010
Source – Standard & Poor’s Insurance Markets www.globalcreditportal.com