Introduction

Standard & Poor's is proud to have taken on a leading role in rating Islamic finance transactions, being one of the first agency's to assign ratings to Malaysia Sukuk in 2002. We continue to be at the forefront of developing an analytical framework for evaluating innovative Islamic issuers and instruments such as Sukuk and Takaful.

Islamic finance continues to grow at an impressive rate, reaffirming its position as one of international finance's most dynamic sectors. While this growth represents a major achievement, it has also created new challenges for investors, regulators, customers, and also Islamic financial institutions themselves. Standard & Poor's Ratings Services is more than ever committed to supporting this growth through the provision of insightful ratings and analysis, based on our longstanding expertise in this field.

Standard & Poor's achievements in this sector include:

• Ratings on 28 sukuk issues, representing over $23 billion in global issuance and 15 Islamic financial institutions.
• A leading rating agency for Takaful and Retakaful firms. For the second consecutive year, Standard & Poor's Ratings Services has been voted "Best Takaful Ratings Company" at the International Takaful Awards 2009. Details of this award can be accessed here.
• Pioneered the development of Stability Ratings for Islamic banks offering customers Profit Sharing Investment Accounts (PSIAs) to give customers an opinion about the expected stability of cash flows distributable to account holders. More information can be accessed here.
• Provide regular topical research and criteria articles on Islamic Finance and rating methodologies specific to this area. A selection of key research articles as well as summary analyses of Islamic institutions and sukuk issues rated by Standard & Poor's can be accessed here.

Islamic Public Ratings