Retakaful ventures get A- credit rating
Dubai, July 30, 2008
Dubai Group, the leading diversified financial services company of Dubai Holding, has said that two Shari’ah-compliant companies of ACR Retakaful Holdings Limited have been assigned a financial strength rating of A- (Excellent) by US-based rating agency A M Best.
ACR Retakaful Holdings, the world’s largest Islamic reinsurance company, is a joint venture between Dubai Banking Group, the global Shari’ah-compliant investment company of Dubai Group, Singapore-based ACR Capital Holdings, and Malaysian national investment company Khazanah Nasional. It has a paid-up capital of $300 million.
The positive outlook was assigned to ACR Retakaful MEA in Bahrain, and ACR Retakaful SEA Berhad in Malaysia to reflect the companies’ strong capitalisation, sound business plan and the firm commitment of its investors.
The ratings also recognise the companies’ experienced management team and underwriting expertise.
Salaam Al Shaksy, CEO, Dubai Banking Group said: ’The strong rating assigned to ACR Retakaful’s operations in Bahrain and Malaysia is an important milestone for the company.
’The global retakaful industry is growing at an unprecedented rate and the regions in which these two companies operate represent high potential for growth.
’Backed by its experienced management team, I am confident that both companies will continue to create an impressive operational track record regionally and globally.’
ACR Retakaful is managed by an experienced team of executives with impressive track records and in-depth knowledge of the reinsurance industry across Asia and the Middle East.
The company leverages its technical underwriting expertise to help clients in the region compete and succeed in the marketplace through the efficient management of their risks.
ACR Retakaful MEA focuses on countries in the Middle East, while ACR Retakaful SEA’s mandate covers the South Asian and North Asian markets. Both companies conduct underwriting activities and control risk exposures through the information platform of Asia Capital Reinsurance Group.
Focusing on general (non-life), non-cyclical and large speciality risks in infrastructure and transportation industries such as aviation, marine, energy and engineering, the two companies channel these traditional risks from the conventional market into Islamic compliant takaful channels.
This is the second time that a company affiliated with Dubai Group has been given a positive outlook rating by an international agency.
Earlier this month, Al Fajer Retakaful Insurance Company KSCC, a subsidiary of Dubai Banking Group, was assigned a Financial Strength Rating (FSR) of ’A-’ (Excellent) and an Issuer Credit Rating (ICR) of ’a-’ by A M Best.
Dubai Group is the leading diversified financial services company of Dubai Holding. Focused on banking, investments and insurance regionally and globally, Dubai Group has offices in Dubai, London, New York, Pittsburgh, Kuala Lumpur and Hong Kong.
Dubai Banking Group was formed on May 6, 2008 following the consolidation of Dubai Holding’s investments in Dubai Islamic Investment Group and Dubai Bank. - TradeArabia News Service
More Finance & Capital Market Stories
- Islamic bond issuance in GCC picking up
- Kuwait budget surplus likely to hit $42.4bn
- Bahrain banking sector on road to recovery
- GCC banks' outlook stable, says report
- GBSA panel names new chairperson
- NBK group CEO to step down
- SABB gets Fitch ratings boost
- Saudi SABB prices $400m sukuk issue
- Shuaa Capital gets Moody's ratings upgrade
- QInvest ‘advised on $3.5bn sukuk in 2013’