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Technical Partners

In order to further augment its technical capacity, IIRA has entered into a formal technical affiliation agreement with its two rating agency shareholders. This initiative provides a platform for IIRA to collaborate with MARC and JCR-VIS on the development of new rating product offerings for the Islamic financial services sector, enhance its quality of service and promote best practices in order to meet the requirements of Islamic financial industry. The collaboration will also meet the objectives of both MARC and JCR-VIS in expanding their coverage of the Middle East market. The agreement was signed on 26th May 2011 during the Annual General Meeting (AGM) of the company, in presence of its shareholders. The profile of these two agencies is given below.

Malaysian Rating Agency Berhad (MARC), Malaysia - is a domestic credit rating institution in Malaysia. MARC was incorporated in October 1995, commenced operations on 17 June 1996, and was officially launched on 5th September 1996 by the Deputy Prime Minister and Minister of Finance, Malaysia. Its shareholders are the major life and general insurance companies, stockbrokers and investment banks in Malaysia. Presently, the company has a paid-up capital of RM20 million. Since commencing business in 1996, MARC has announced the ratings of corporate debt, project finance debts and structured instruments to the value of MYR220 billion. 60% of the ratings (MYR134 billion) announced by MARC over the last 14 years were sukuk programmes. This also includes domestic ratings for Ringgit-denomination debt issued by foreign entities on a domestic rating scale.

JCR-VIS Credit Rating Co. Limited, Pakistan - is approved by Securities & Exchange Commission of Pakistan and State Bank of Pakistan, JCR-VIS is operating as a “Full Service” rating agency providing independent rating services in Pakistan. JCR-VIS is a joint venture between Japan Credit Rating Agency, Ltd. (JCR) - Japan's premier rating agency, Vital Information Services (Pvt.) Limited (VIS) – Pakistan’s only data bank and financial research organization, Karachi Stock Exchange and Islamabad Stock Exchange. In January 2001 JCR and VIS entered into a Joint Venture Agreement whereby JCR acquired 15% share in DCR-VIS Credit Rating Co. Ltd. of Pakistan. As a result of this agreement, the name of the company changed from DCR-VIS Credit Rating Co. Ltd. to JCR-VIS Credit Rating Co. Ltd. (JCR-VIS). The DCR-VIS Credit Rating Co. Ltd. was incorporated in 1997 as a joint venture between VIS, Karachi Stock Exchange, Islamabad Stock Exchange and Duff & Phelps Credit Rating Co. (DCR). Subsequent to DCR’s merger with Fitch IBCA, DCR sold its interests in DCR-VIS to VIS.


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