19 Jan 2025
IIRA Upgrades the Takaful Financial Strength Rating of the Islamic Insurance Company
Manama, December 27, 2024–The Islamic International Rating Agency (‘IIRA’) has upgraded the Takaful Financial Strength (TFS) rating of The Islamic Insurance Company PLC (‘TIIC’ or ‘the Company’), Jordan, to ‘A+’ (Single A Plus). Following the positive outlook assigned to ratings of TIIC on December 2023, the rating upgrade reflects favorable macro-outlook for Jordan following recent geopolitical developments in the region, strong shareholder structure of TIIC, a trend towards more profitable family takaful segment within business segments, recent increase of paid-up capital, much stronger than peers’ solvency ratio, and steady improvements in control infrastructure. The outlook on the assigned ratings is ‘Stable’.