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Tuesday, 29 May 2007

Sharia rating for takaful firm

Gulf Daily 29 May 2007

MANAMA: The Bahrain-based Islamic International Rating Agency (IIRA) has assigned a Sharia Quality Rating of AA to Syarikat Takaful Malaysia Berhad (Takaful Malaysia).The rating reflects IIRA's opinion that Takaful Malaysia conforms to a very high level of standards of Sharia requirements in all aspects of Sharia quality analysis.The rating is premised on Takaful Malaysia's compliance to Sharia requirements in its operations and business, despite being subjected to changes in its operating environment due to the opening up of the local takaful industry.Takaful Malaysia has highly intellectual and qualified Sharia scholars as members of its Sharia Advisory Board (SAB).In performing its duties, SAB has established a good and respectable working relationship with all management levels.Takaful Malaysia allocates a provision from its annual Zakat payment to be distributed to deserving parties and it is supervised by a Zakat Payment Committee.This is in line with corporate social responsibility initiatives undertaken by the company.To further strengthen Takaful Malaysia's position in the industry, it has appointed actuary Mohammed Kamil as its group managing director."We believe that by being the first takaful operator in the world to receive this rating, it would not only further enhance Takaful Malaysia's credentials as the leading takaful operator, but also ensure that Takaful Malaysia fully complies with the local and global Sharia standards," said Mr Kamil."Consequently we also hope that the rating will boost the confidence and give more assurance to our existing customers as well as prospective clients, by being fully Sharia compliant in all aspects of our business operations and transactions."This is the first Sharia Quality Rating issued by the IIRA."We are very pleased to give our first Sharia Quality Rating to Takaful Malaysia, a leading takaful operator in the world," said IIRA chief executive officer Jamal Zaidi. "We believe that the very high level Sharia Quality Rating earned by Takaful Malaysia will provide it with a high level of credibility and a competitive advantage in the takaful market."

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