|
SP grants Kuwait''s First Takaful BBB rating |
|
Monday, 12 October 2009 23:36 |
|
International rating agency Standard Poor's has granted Kuwait's First Takaful Insurance Company its long-term counterparty credit and insurer financial strength rating BBB.
This was announced by the company board chairman, Khalil al-Shami, at a news conference, quoting the agency as hailing his company's situation as "stable".
This means that the company's capital will remain so good that it will bolster its growth and development, he said.
The current difficult global economic and financial conditions have created a conviction that the company that could stand all such circumstances until mid-2010 would be able to remain safe and sound at the Kuwaiti market, he argued.
"This rating is so good that it matches the age of our company amid the current economic and financial conditions that have caused several Kuwaiti companies, be they insurance or investment, to lose their rating," he said.
The Standard Poor's rating for the company is promising and reflects its financial and administrative stability, al-Shami added.
Meanwhile, he announced that his company would set up joint ventures in Saudi Arabia and Turkey with a view to expanding the company's activities.
First Takaful Insurance Company was established in July 2000 according to Law 24 of 1961 as the first company in Kuwait to offer Islamic Takaful insurance services according to Islamic Laws. The Company is considered a pillar in Islamic Sharia insurance services in Kuwait. It is also a major contribution to the Islamic economic concept and system in Kuwait.
Kuna
|
