Rasameel signs agreement with Islamic International Rating Agency

Rasameel is a newly incorporated Islamic investment company supervised under the Central Bank of Kuwait with a paid up capital of Kuwaiti Dinars 30 million. Rasameel is specialized in Islamic Securitization, raising, structuring and distribution of Islamic debt through financial engineering, as well as, the spinning off companies as a result of asset restructuring.

Rasameel's objective is to provide a diversified portfolio of Sharia compliant predictable cash flow generating assets and securities to both private and institutional investors looking for structured Islamic investment products that consistently outperform relative to benchmark and within pre-determined risk parameters.

Rasameel's Vice Chairman & CEO, Mr. Issam Al Tawari stated that

"Rating of Islamic financial papers is a pivotal part of securitization business and we at Rasameel would like to be in the forefront of such business and insuring our investors and clients of our financial standing. Also this would help in expediting the development of the Islamic capital markets."

IIRA will provide an independent evaluation on Rasameel's Credit Rating, Corporate Governance Rating and Shari'a Quality Rating.

IIRA's Chief Executive Officer, Mr. Jamal Abbas Zaidi said that "IIRA aims to play a critical role in the development of the financial market by providing an assessment of the risk profile of entities, their compliance with Shariá and with corporate best practices.

The ratings add credibility to the entities and also lead to enhanced level of investors' confidence in the rated entities enabling them to play a robust role in the capital market".