Islamic International Rating Agency registered as a member of ACRAA

Formed in 2001 and supported by the Asian Development Bank, ACRAA has 22 Asian credit rating agencies from 12 countries as members. It's main purpose is to develop and maintain cooperative efforts that promote interaction and exchange of ideas, experiences, information, knowledge and skills among credit rating agencies in Asia and that would enhance their capabilities and their role of providing reliable market information.

ACRAA also aims to undertake activities aimed at promoting the adoption of best practices and common standards that ensure high quality and comparability of credit ratings throughout the region, following the highest norms of ethics and professional conduct. It also seeks to undertake activities aimed at promoting the development of Asia's bond markets and cross-border investment throughout the region.

IIRA started its operations in July 2005 in Bahrain. It is sponsored by multilateral finance institutions, several leading banks and other financial institutions and rating agencies from different countries.

Mr. Jamal Abbas Zaidi, Chief Executive Officer of IIRA commented: "We are very pleased to be a member of ACRAA and IIRA will play an active role in achieving the objectives of ACRAA."

IIRA aims to play its role in the development of the regional financial market by providing an assessment of the risk profile of entities and instruments which can be used as a basis for investment decisions.

IIRA provides Shari'a quality rating, credit ratings to sovereigns, banks, insurance companies and instruments issued by governments or companies.