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Shari'a Quality Rating Methodology

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The “Shari’a” (the Islamic Law) Rating aims to provide information and independent assessment regarding the Shari’a compliance of Islamic financial institutions or conventional institutions providing Islamic banking or financial services, as well as of Islamic financial products such as Sukuk.

One of the goals of the Islamic International Rating Agency (IIRA) is to become a reference on which investors and financiers can rely to achieve “Quality” in terms of compliance with the related Shari’a rules and principles for financial services marketed as “Islamic”.

The Shari’a Quality Rating differs from a Credit Rating in that the latter is an evaluation of the solvency of financial institutions and their capability and willingness to repay their obligations. A Shari’a Quality Rating, on the other hand, is not related to the solvency or financial capability of the institution or to the credit quality of securities or financial products. It is rather concerned with issuing an independent opinion about Shari’a Quality for financial institutions, securities or financial products.

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