LONDON, July 19 2010 - For the third consecutive year, Standard & Poor's has been voted Best Takaful Ratings Company at the International Takaful Awards 2010 in London, in recognition of its leading role in rating the developing Islamic insurance industry.
The award reinforces Standard & Poor's position as the leading rating agency for Islamic insurers. S&P currently has ratings on 12 Takaful and Retakaful firms across Africa, the Middle East and Asia.
"Getting this award again is a great honour for Standard & Poor's and a clear recognition of our sustained analytical focus on Takaful and Re-Takaful for the past five years," said Yann Le Pallec, managing director of Standard & Poor's Ratings Services.
"The takaful concept is now firmly established within global risk management markets and we believe there is significant scope for further growth, given the relatively low penetration rates for insurance products in the Middle East and Asia, and a growing awareness of its benefits," said Neil Gosrani credit analyst at Standard & Poor's Ratings Services. "We expect greater operational efficiencies to develop over the coming years, which could lower expenses and enable the sector to benefit from true economies of scale for the first time."
The International Takaful Awards 2010 are an initiative of the Middle East Business Forum and Afkar Consulting, with winners selected by a panel of Shariah judges, lawyers, journalists and practitioners from the world's leading Islamic insurance firms.
Standard & Poor's Takaful and Retakaful Ratings
Aman BBB/Negative
Best Re BBB+/Stable
First Takaful BBB-/Watch Negative
Hannover Retakaful A/Stable
Malath BBB/Stable
Salama BBB+/Stable
Saudi Re BBB+/Stable
Takaful International BBB/Stable
Takaful Re BBB/Stable
Tawuniya A/Negative
Tokio Marine Retakaful AA/Negative
Wethaq Takaful BB/Negative
Ratings correct at July 15, 2010
Source - Standard & Poor's Insurance Markets www.globalcreditportal.com
To download the latest edition of Standard & Poor's Islamic Finance Outlook 2010, a compilation of topical research, commentary and analysis on more than 30 rated Islamic insurers, sukuk issues and issuers, please visit www.gcc.standardandpoors.com
Standard & Poor's latest article on the takaful market, "Takaful Insurance Has Long-Term Viability And Benefits From Expected Growth, But Stiff Competition Persists", published on 13th July 2010, is available to subscribers of Standard & Poor's Insurance Markets at www.globalcreditportal.com
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About Standard & Poor's in the GCC
Standard & Poor's is the leading provider of financial market intelligence to customers in the Gulf's credit risk management, wealth management, and data and information markets. Since entering the region in the late 1980's, Standard & Poor's currently has public ratings on more than 100 issuers. In equity markets, Shariah-compliant versions of Standard & Poor's global and regional equity market indices - S&P 500, S&P Europe 350, S&P Japan 500 and S&P/IFCI GCC - have created new opportunities for Islamic investors to benchmark their international investments and for asset managers to create new investment products serving the Islamic community. Standard & Poor's Fund Services launched a qualitative fund management rating service for regional asset managers in 2007 assigning 17 Fund Management Ratings. For further details on Standard & Poor's regional capabilities please visit www.gcc.standardandpoors.com
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© Press Release 2010
