Business | Banking
AM Best gives A-minus rating to two Dubai firms
Dubai Group, a diversified financial services company of Dubai Holding, said yesterday that two Sharia-compliant companies of ACR Retakaful Holdings have been assigned a rating of A- by US-based agency AM Best.
- Staff Report
- Published: 00:02 July 31, 2008
Dubai: Dubai Group, a diversified financial services company of Dubai Holding, said yesterday that two Sharia-compliant companies of ACR Retakaful Holdings have been assigned a rating of A- by US-based agency AM Best.
ACR Retakaful Holdings, the world's largest Islamic reinsurance company, is a joint venture between Dubai Banking Group, the global Sharia-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 BSC in Bahrain, and ACR Retakaful SEA Berhad in Malaysia to reflect the companies' strong capitalisation, sound business plan and the commitment of its investors.
Milestone
"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," said said Salaam Al Shaksy, chief executive of Dubai Banking Group.
"Backed by its experienced management team, I am confident that both companies will continue to create an impressive operational track record regionally and globally," Al Shaksy said.
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