Dubai Group Retakaful Ventures Assigned 'A-' Credit Rating by A.M. Best |
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Dubai: 30 July, 2008 - Dubai GroupDubai Group
, the leading diversified financial services company of Dubai Holding, announced today 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 Limited, the world's largest Islamic reinsurance company, is a joint venture between Dubai Banking Group, the global Shari'ah-compliant investment company of Dubai GroupDubai Group, Singapore-based ACR Capital Holdings Pte. Ltd, and Malaysian national investment company Khazanah Nasional Bhd. It has a paid-up capital of US$300 million.
The positive outlook was assigned to ACR Retakaful MEA B.S.C. (c) 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 GroupDubai 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.
-Ends-
About Dubai Group
Dubai GroupDubai Group
is the leading diversified financial services company of Dubai Holding. Focused on banking, investments and insurance regionally and globally, Dubai GroupDubai Group has offices in Dubai, London, New York, Pittsburgh, Kuala Lumpur and Hong Kong. Through its subsidiaries and affiliates, Dubai GroupDubai Group has business interests in 26 countries that employ 16,000 individuals. Run by high-calibre industry veterans with proven track records, Dubai GroupDubai Group entities include Dubai Investment Group, Dubai Capital Group, Dubai Financial Group, Dubai Banking Group, Dubai Insurance Group and Noor Investment Group. Dubai GroupDubai Group plays a pivotal role for the realisation of Dubai Strategic Plan by leading the development of financial industry. For more information, please visit www.dubaigroup.com
About Dubai Banking Group
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. This consolidation is in line with Vision 2015, which highlights the development of the financial services sector in Dubai as a catalyst for future growth and economic diversification of the Emirate's resources. Dubai Banking Group's focus is to aggressively target significant direct investments and acquisitions in a wide range of sectors across the world's biggest Islamic markets including the GCC, South East Asia, and Africa. It currently has investments in Dubai Bank, Al Fajer Re-takaful, ACR Re-Takaful and Bank Islam with combined assets in excess of US $10 billion.
For further information, please contact:
Huda Buhumaid
Dubai GroupDubai Group - A member of Dubai Holding
Direct: +9714 3189710
Mobile: +97150 6507704
Email: huda.buhumaid@dubaigroup.com
Maliha Aqeel
Jiwin Public Relations
Tel: +9714 3613598
Mob: +97150 6331976
Email: maliha.aqeel@jiwin.ae
Burgess Baria
Jiwin Public Relations
Tel: +9714 3642199
Mobile : +97150 6961987
Email : burgess.baria@jiwin.ae
© Press Release 2008
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