S&P assigns 'BBB+'rating to Salama/IAIC of Dubai

DUBAI — Standard & Poor's Ratings Services said yesterday it assigned its 'BBB+' long-term counterparty credit and insurer financial strength ratings to Salama/Islamic Arab Insurance Co. (Salama/IAIC), which is incorporated in Dubai.



At the same time, the long-term counterparty credit and insurer financial strength ratings on the 100 per cent-owned, Tunisia-based reinsurance subsidiary, B.E.S.T. Reinsurance Co. (Best Re), were raised to 'BBB+' from 'BBB'. The outlook on both entities is stable.

Salama/IAIC is a Dubai-listed insurance operating company that is parent to a group of insurance and reinsurance companies, including Best Re, that operate in an explicitly Shariah-compliant manner (that is, takaful insurance and retakaful reinsurance). The group is the largest takaful and retakaful group in the world, and increasingly uses the Salama or Salama Group brand. Moreover, it is the first purely takaful group to be rated by Standard & Poor's.


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