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Shari’a Rating Scale and Definitions

IIRA uses a scale of AAA (SQR) to B (SQR) to rate Shari'a Quality Compliance with AAA (SQR) being the highest possible rating and B (SQR) being the lowest possible rating.
  • AAA (SQR)* – In IIRA’s opinion, an entity/instrument rated AAA (SQR) conforms to highest level of standards of Shari’a requirements in all aspects of Shari’a quality analysis.
     
  • AA (SQR) – In IIRA’s opinion, an entity/instrument rated AA (SQR) conforms to very high level of standards of Shari’a requirements in all aspects of Shari’a quality analysis.
     
  • A (SQR) – In IIRA’s opinion, an entity/instrument rated A (SQR) conforms to high level of standards of Shari’a requirements and has very few weaknesses in some areas of Shari’a quality analysis.
     
  • BBB (SQR) – In IIRA’s opinion, an entity/instrument rated BBB (SQR) conforms to moderately high level of standards of Shari’a requirements and has few weaknesses in some areas of Shari’a quality analysis.
     
  • BB (SQR) – In IIRA’s opinion, an entity/instrument rated BB (SQR) conforms to satisfactory level of standards of Shari’a requirements and has some weaknesses in some areas of Shari’a quality analysis.
     
  • B (SQR) – In IIRA’s opinion, an entity/instrument rated B (SQR) conforms to adequate level of standards of Shari’a requirements and has weaknesses in some areas of Shari’a quality analysis.
   
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