Standard & Poor's

Islamic Finance Forging Ahead Despite Contrasting Fortunes

Global Islamic Finance is expected to maintain its rapid pace of growth, strengthening its credibility as a real alternative to conventional finance. However, structural problems continue to limit its potential while its growth has made the industry more sensitive to global economic fluctuations. The contrasting fortunes shaping Islamic Finance will be the subject of a conference to be hosted by S&P in Dubai on 2 October, 2013. Prospects for the Sukuk sector will be one of the key focuses of the Conference. Another major theme is the widening sovereign adoption of Islamic Finance instruments. S&P analysts from across the Middle East, Africa, Europe and North America and a panel of senior Islamic Finance industry participants will speak at the S&P Islamic Finance Conference.

Saad Group And Related Entities Outlook To Negative On Increased Real Estate Exposure; 'BBB+' Long-Term Rating Affirmed

Press Release

LONDON (Standard & Poor's) May 22, 2009--Standard & Poor's Ratings Services said today that it revised to negative from stable its outlook on Saudi Arabia-based Saad Group and related entities, owing to our view of its increased real estate exposure resulting in the reduced liquidity and geographic diversity of its portfolio. At the same time, the 'BBB+/A-2' corporate credit ratings were affirmed.

The outlook revision reflects our view of Saad Group's reduced portfolio liquidity and diversity, with real estate holdings in Saudi Arabia constituting a substantially larger portion of Saad Group's asset base than previously. Due in part to current economic conditions, we are applying more conservative metrics for Saad Group's ratings, by altering our previous treatment of some of Saad Group's assets and liabilities. We also lowered our loan-to-value (LTV) threshold for the rating to 25% from 30%.

Takaful Re Ltd. Ratings Unaffected By Arab Insurance Group Ratings Withdrawal

Press Release

LONDON (Standard & Poor's) March 11, 2009--Standard & Poor's Ratings Services said today that the ratings and outlook on Dubai-based reinsurer Takaful Re Ltd. (TRL; BBB/Stable/--) are unaffected by the withdrawal of the ratings on Arab Insurance Group (B.S.C.) (ARIG) at ARIG's request. ARIG is the majority shareholder of TRL, with a 54% holding, and is also the major service provider.

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