Takaful News - Bahrain: IIRA Voted The World's Best Islamic Rating Agency 2006
Source: Middle East Insurance Review | Mar 2007
Bahrain-based International Islamic Rating Agency (IIRA) has been picked as the World’s Best Islamic Rating Agency in a poll conducted by the Islamic Finance News.
A record total of 1,232 votes were cast in the 31 contested categories in the survey. Islamic finance issuers, investors, non-banking financial intermediaries and government bodies from around the world were invited to participate in the poll.
In a statement, Mr Jamal Abbas Zaidi, Chief Executive Officer of IIRA, commented: “We are very pleased with this result and resolve to continue to provide high-quality, reliable and independent rating services for the development of Islamic capital market and Islamic financial services industry on a global basis to gain recognition locally and internationally as strong and capable financial institutions, adhering to greater standards of disclosure and transparency. “
IIRA, which started operations in July 2005, assesses the risk profiles of Islamic financial entities and instruments.
Taking second place is Rating Agency Malaysia (RAM) which rated the first first Islamic debt instrument in Malaysia in 1994. RAM was incorporated in November 1990.