Dubai Group Retakaful ventures assigned "A" credit rating by A.M. Best

ACR Retakaful Holdings Limited, the world's largest Islamic reinsurance company, is a joint venture between Dubai Banking Group, the global Shari'ah-compliant investment company of Dubai Group, Singapore-based ACR Capital Holdings Pte. Ltd, and Malaysian national investment company Khazanah Nasional Bhd. It has a paid-up capital of $300m.

The positive outlook was assigned to ACR Retakaful MEA B.S.C. (c) in Bahrain, and ACR Retakaful SEA Berhad in Malaysia to reflect the companies' strong capitalisation, sound business plan and the firm commitment of its investors.

The ratings also recognise the companies' experienced management team and underwriting expertise.

Salaam Al Shaksy, CEO, Dubai Banking Group said:

"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. Backed by its experienced management team, I am confident that both companies will continue to create an impressive operational track record regionally and globally."

ACR Retakaful is managed by an experienced team of executives with impressive track records and in-depth knowledge of the reinsurance industry across Asia and the Middle East.

The company leverages its technical underwriting expertise to help clients in the region compete and succeed in the marketplace through the efficient management of their risks.

ACR Retakaful MEA focuses on countries in the Middle East, while ACR Retakaful SEA's mandate covers the South Asian and North Asian markets.

Both companies conduct underwriting activities and control risk exposures through the information platform of Asia Capital Reinsurance Group.

Focusing on general (non-life), non-cyclical and large speciality risks in infrastructure and transportation industries such as aviation, marine, energy and engineering, the two companies channel these traditional risks from the conventional market into Islamic compliant takaful channels.

This is the second time that a company affiliated with Dubai Group has been given a positive outlook rating by an international agency.

Earlier this month, Al Fajer Retakaful Insurance Company KSCC, a subsidiary of Dubai Banking Group, was assigned a Financial Strength Rating (FSR) of "A-" (Excellent) and an Issuer Credit Rating (ICR) of "a-" by A.M Best.