http://www.antara.co.id/en/arc/2008/2/5/ris-sharia-based-muamalat-bank-gets-aa-rating-from-iira/
RI`s sharia-based Muamalat bank gets "AA" rating from IIRA
London (ANTARA News) - The Bahrain-based Islamic International Rating Agency
(IIRA) has given a sharia quality "AA" rating to Indonesia`s sharia-based Bank
Muamalat.
IIRA Chief Executive Officer Jamal Abbas Zaidin handed the rating certificate
to Bank Muamalat President Director A Riawan Amin at the ongoing International
Islamic Financial Market (IIFM) meeting here on Monday.
The event was also witnessed by Indonesia`s Special Envoy for the Middle East,
Dr Alwi Shihab, and Bank Indonesia (central bank) Deputy Governor Siti Chalimah
Fadjrijah, IIFM Chairman Khalid Hamad and IIFM CEO Ijlal Alvi as well as
representatives of Islamic financial institutions.
Jamal said the rating was a reflection of IIRA`s assessment of Bank Muamalat
which had implemented standard sharia-based regulations at the highest level in
all aspects of assessment analyzed by IIRA.
Riawan, meanwhile, said the rating also reflected the high quality of the
practices carried out by the bank and the bank`s organizational structure which
had made it possible for the bank to implement effectively Islamic principles
to a high degree of accuracy.
He said the rating would also encourage the bank to achieve its mission to
serve as a role model for sharia-based financial institutions in the world.
Riawan also said he would invite other sharia-based banks in Indonesia to have
a meeting with IIRA so they could also get a rating.
Siti, meanwhile said the rating would also show that the bank was acknowledged
as a bank which upheld standards in all of its aspects.
"I encourage the bank to work harder to get an `AAA` rating so that the rest of
the sharia-based banking industry in Indonesia is encouraged to also seek a
rating," she said.
She said rating of conventonal banks was already done often but not for
sharia-based banks, and this would show that Bank Muamalat was already adhering
to internationally recognized standards.
Siti said sharia-based banks were not only developing in predominantly Muslim
countries but also in other countries, including Britain, and this also applied
to sharia-based bonds (sukuk).
Alwi Shihab, meanwhile, said the rating given to Bank Muamalat was an
international acknowledgment toward Indonesia.
"This should be a model for other banks and may encourage other sharia-based
banks at home," he said.
There are currently 23 sharia-based banks in Indonesia.
According to an unaudited financial report of the bank , the bank`s assets
increased to Rp10.6 trillion in December 2007, while its Financing Deposit
Ratio (FDR) had reached 98.7 percent. (*)
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