Fiduciary Score reflects strong niche position, stable outlook

UAE, May 3, 2015

aafaq Islamic Finance, a leading provider of Islamic finance products and e-government services in the UAE, has announced that it has been assigned National Scale Ratings of 'A-/A2' "Short term/ Long term" (AED) Single A Minus/A Two) by the Islamic International Rating Agency (IIRA). The Agency noted that aafaq remains well-positioned within its niche and gave a 'Stable' outlook for the institution's ratings.

IIRA, the only rating agency that provides capital markets and the banking sector in predominantly Sharia Compliant with a rating spectrum covering all capital instruments and specialty Islamic financial products, said that the Fiduciary Score was assessed in the range of 66‐70.  It added that aafaq's assets have doubled since 2011, while its earnings have risen almost four times over this period. The agency also noted that aafaq's robust liquidity profile reflects the granularity and stability in LG deposits placed with it which indicates strong consumer confidence.

The rating agency further commended aafaq for its comprehensive Corporate Governance Manual which effectively guides its corporate practices. The institution's solid Shariah governance structure was also acknowledged. aafaq was advised to reinforce its capitalization levels further, though, in light of its overall risk profile and the recent growth trends and plans observed in new business.

H. E. Abdul Jaleel Abdul Rahman Al Balouki, Vice Chairman of aafaq Islamic Finance, said: "Aafaq has been fully committed to delivering innovative services and products, exploring opportunities across multiple business sectors, and achieving the highest returns not only for its shareholders but for the community as well. The solid ratings from IIRA affirm our great success in keeping our promises while ensuring sustained growth within a rapidly evolving market.

We thank our strategic partners and our staff for driving us to stay ahead of the competition and enjoy this level of industry leadership and respect."

The institution is steadily moving towards the full implementation of guidelines within its Corporate Governance Manual as seen in its disclosures in the public domain. IIRA recommends that the manual be streamlined further in line with aafaq's operations. The agency also noted that the closer attention being given by aafaq towards documenting policies and procedures may possibly evolve further in step with the institution's growth momentum.

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About aafaq - Islamic Finance 
Backed by an eminent and respected group of shareholders, aafaq - Islamic Finance was established in 2006 to provide innovative Islamic financial services and products that comply with Islamic Sharia across the UAE and the Region.

The company's strategic focus is set towards exploring and discovering available opportunities within various business sectors in order to achieve the highest return for its shareholders. aafaq holds strategic partnerships with the Ministry of Finance and the Ministry of Labor, Department of Economic Development - Dubai, DMCC, NASDAQ Dubai, Menacorp, Tas'heel Centers, flydubai and Airarabia.

The company, which works closely with some of the world's leading financial institutions, offers a variety of high-quality financial services like Corporation Finance, Retail Finance, e-Dirham, Labor Guarantees, Wages protection system, Payment for the DED, flydubai reservation payment, airarabia reservation payment. aafaq outlets exist in 58 "Tas'heel Centers and government departments across UAE.

For More information please visit website: www.aafaq.ae

For further information, please contact:
Orient Planet PR & Marketing Communications
P.O.Box: 500266
Dubai, United Arab Emirates
Tel:  00971 4 456 2888
Fax: 00971 4 454 9528
Email: media@orientplanet.com
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© Press Release 2015