Posted Date : 29 May 2011
Malaysian Rating Corporation Berhad (MARC) entered into a technical agreement with Islamic International Rating Agency (IIRA) on Thursday, May 26, 2011. Japan Credit Rating Agency Ltd affiliate, JCR-VIS Credit Rating Co. Ltd, will also provide support to IIRA under this agreement.
IIRA is seeking to augment its technical expertise as the agency broadens its ratings coverage of the region's Islamic capital markets and Shariah compliant financial institutions. The technical agreement provides a platform for MARC to collaborate with IIRA and JCR-VIS on the development of new rating product offerings for the Islamic financial services sector and promote best practices.
MARC will offer technical expertise and analytical support to IIRA under the technical agreement. The agreement was executed in Bahrain after the Annual General Meeting of IIRA, in presence of its shareholders. Signing on behalf of MARC and IIRA, respectively, were Encik Mohammad Abdullah, Chairman of MARC and Mr. Ahmed Murad Hammouda, Chairman of IIRA.
"It is with great pride that MARC offers its analytical resources to assist IIRA in its mission as a specialist Islamic rating agency," said Encik Mohammad Abdullah. "MARC has served the Malaysian capital markets for 15 years, rating financial institutions and capital market obligations; a substantial part of its ratings relate to Shariah-compliant institutions and ringgit sukuk issuances. We will now have the opportunity to share our knowledge and promote credit ratings that are analytically sound, independent and unbiased in the GCC and MENA region through IIRA".
Meanwhile, Mr. Ahmed Murad Hammouda said that the signing of the technical agreement represented a significant milestone in IIRA's development as a specialist Islamic rating agency and the agency's commitment to provide credible ratings coverage for the Islamic capital markets. He expressed confidence that IIRA would be in a stronger position to fulfil its mandate with the support of its technical partners in addition to that from shareholders, and the Islamic financial community.
This agreement is the second technical agreement signed by MARC, the first of which was with Emerging Credit Rating Ltd, a Bangladesh domestic credit rating agency. MARC takes another major step forward in building a track record as a credible technical partner with the signing of this agreement.
Contact:
Saw Leng Hean, +603-2082 2248/ lenghean@marc.com.my
