IIRA assigns 'AA' rating to Dawood Islamic Bank
Manama, August 17, 2009
Islamic International Rating Agency (IIRA) has assigned Shari’ah Quality Rating of AA (SQR) to Dawood Islamic Bank Limited (DIBL).
The rating reflects IIRA’s opinion that DIBL conforms to very high standards of Shari’ah compliance in all aspects of Shari’ah quality analysis.
DIBL commenced operations in April 2007 with a vision to provide Shari’ah compliant financial solutions to all segments of an increasing Shari’ah conscious business and consumer society.
DIBL has a highly efficient and effective shari’ah supervisory structure consisting of a shari’ah supervisory committee (SSC), a shari’ah coordinator and shari’ah control mechanism. Other members of SSC and the shari’ah coordinator are also knowledgeable, experienced and highly qualified in Islamic studies, Fiqh, Economics, Islamic Banking and Takaful, said a statement.
DIBL has implemented approved procedures and a manual for Shari’ah compliance, audit and control.
DIBL has also been committed in providing training in Islamic banking to all its employees through intensive internal and external courses to ensure that the employees have fair knowledge of Shari’ah aspects of all the products offered by the bank.
A significant portion of bank’s assets consists of Mudarabah, Ijarah and Musharakah based transactions.-TradeArabia News Service