New Rating for The Islamic Insurance Company

20.10.2020

The Islamic International Rating Agency (IIRA) has reaffirmed the Takaful Financial Strength (TFS) rating of The Islamic Insurance Company PLC (‘TIIC’ or ‘the company’), Jordan, at ‘A’ (Single A). Outlook on the assigned rating is ‘Stable' .

The Islamic Insurance Company is one of only two takaful operators in the Hashemite Kingdom of Jordan. Over the years, the insurance sector has posted generally subdued growth, reflective of a general slow pace of growth in the economy . 

The company’s overall fiduciary score has been steady in the range of '76-80', reflecting strong protection of the rights of various stakeholders. Moreover, TIIC has fully instituted shari'a oversight at the Board level, its highest governance body, which has been further strengthened through formation of a shari'a control Control Committee, which oversees Shari'a related matters at the board level .