Islamic Finance News (IFN) annual reader survey voted Standard and Poor’s (S&P) the best Islamic rating agency, recognising the firm’s commitment to fostering the development of Islamic capital markets and their integration with global markets, Bahrain Tribune reported.
The survey by the world’s leading capital markets-focused Islamic-finance publication, recognised S&P in other award categories for its work assigning ratings on sukuk issues by DIFC Investments LLC and the Jebel Ali Free Zone which were named deal of the year and best sukuk, respectively.
It is worth mentioning that S&P opened a new office in Dubai, serving as a window through which Middle East companies can access international capital markets and through which international investors can gain insight into Islamic investment risks and opportunities.
Islamic finance experienced another breakthrough year in 2007 with the value of Shari’a-compliant assets worldwide estimated to have surpassed the $500 billion mark for the first time.
S&P is also the leading rating agency for Islamic insurers, with more credit ratings on takaful and retakaful firms in Africa, Asia and Middle East, more than any other provider.