The Islamic International Rating Agency (IIRA) is the sole rating agency established
to provide capital markets and the banking sector in predominantly Islamic countries
with a rating spectrum that encompasses the full array of capital instruments and
specialty Islamic financial products, and to enhance the level of analytical expertise
in those markets.
IIRA’s augmented rating system recognizes and incorporates the unique features of
Islamic finance in a way that broadens the quality perspective, which is a rating
agency’s ultimate goal. This will facilitate to develop and deepen the capital markets
in countries which IIRA wishes to serve.
IIRA is also soliciting recognition of its ratings by regulators and has received
formal recognition from Central Bank of Bahrain as an External Credit Assessment
Institution (ECAI). IIRA is also on the list of approved rating agencies of Islamic
In view of the nature of its activities, the presence of a rating agency should
increase transparency in the market through its promotion of disclosure and knowledge
of standards in other markets. It will enhance the investment decision process by
educating investors in the use of ratings criteria and methodology utilized elsewhere.
The Islamic International Rating Agency B.S.C. (IIRA) started operations in July
2005 to facilitate development of the regional and national financial markets by
delineating relative investment or credit risk, providing an assessment of the risk
profile of entities and instruments. This should be an integral part of the decision
process employed by institutional investors.
IIRA is sponsored by multilateral development institutions, leading banks, other
financial institutions and rating agencies. Its shareholders operate from eleven
countries which constitute the agency’s primary marketing focus.
IIRA is structured in a way to preserve its independence. It has a Board of Directors
and a completely independent Rating Committee.