Friday, 13 April 2018

IIRA now a licensed credit rating agency in Oman

The Capital Market Authority (CMA) of Oman has authorised the Islamic International Rating Agency (IIRA) as an official credit rating agency.

IIRA intends to strengthen the financial sector and promote the sukuk market locally, applying the same rigourous rating standards derived from its rating methodologies.

IIRA is also recognised as an external credit assessment institution (ECM) by the Central Bank of Bahrain (CBB), Banking Regulation and Supervision Agency (BRSA), Turkey and the Central Bank of Jordan (CBJ). IIRA has been also recognised as external credit rating agency (ECRA) by the Astana Financial Services Authority (AFSA), Kazakhstan.

Founded by the Islamic Development Bank in 2002, the Bahrain-based Islamic International Rating Agency assigns ratings to institutions in several countries and provides regular sovereign tating coverage to countries including Turkey, Bahrain and Malaysia.