Bahrain-based Islamic International Rating Agency (IIRA), the region’s leading Islamic rating agency, said that it will establish a presence at the Dubai International Financial Centre (DIFC).
The agency, explaining the move, said that it is essential to have an office in the region’s leading financial centre.
IIRA offers sovereign ratings, credit ratings, Shariah quality ratings and corporate governance ratings. It provides ratings to banks, insurance companies and instruments issued by governments or companies.
The DIFC, touted as an onshore hub for global finance, said that it aims to be the centre of excellence for Islamic finance and having an Islamic credit rating agency was a major step in the right direction.
Meanwhile, the Dubai-based Hawkamah Institute for Corporate Governance has formed a partnership with a leading global association in information technology governance, control, security and assurance, to create the Middle East and North Africa (Mena) region’s first IT corporate governance framework.
Hawkamah, which is a subsidiary of the Dubai International Financial Centre Authority, and the US-headquartered Information Systems Audit and Control Association (ISACA) signed a Memorandum of Understanding for the purpose.
The new standards to be set by Hawkamah and Isaca aim to improve corporate governance standards for public and private sector entities in the Mena region. The entities include insurers, banks, other financial institutions and state-owned enterprises.
Founded in 1969, Isaca develops international information systems auditing and control standards. It has more than 50,000 members in more than 140 countries.