LONDON–(BUSINESS WIRE)– AM Best has affirmed the Financial Backbone Appraisement of B (Good) and the Long-Term Issuer Credit Appraisement of “bbb ” of Qatar Islamic Allowance Aggregation Q.P.S.C. (QIIC) (Qatar). The angle of these Credit Ratings (ratings) is stable.
The ratings reflect QIIC’s antithesis area strength, which AM Best categorises as actual strong, as able-bodied as its able operating performance, bound business contour and adapted action accident administration (ERM).
QIIC adopts a amalgam takaful model, whereby the shareholders’ armamentarium accuse the policyholders’ armamentarium (PHF) a Wakala fee based on gross accounting contributions (GWC) and a Mudaraba fee based on advance income. QIIC’s adeptness to accrue surpluses aural the PHF, whilst consistently distributing surplus aback to policyholders, supports the sustainability of the takaful model.
QIIC’s antithesis area backbone is underpinned by risk-adjusted capitalisation, which, as abstinent by Best’s Basic Adequacy Arrangement (BCAR), is constant with the arch assessment. The antithesis area backbone appraisal additionally allowances from aerial levels of clamminess to sustain its allowance operations and a well-rated reinsurance panel. AM Best expects -to-be risk-adjusted capitalisation to account from acceptable centralized basic generation.
QIIC’s antithesis area strength, however, is account by its artless admission to reserving and high-risk advance strategy. QIIC is apparent decidedly to illiquid assets in the anatomy of absolute acreage and accessory investments, accounting for about 55% of absolute investments as at anniversary 2018. Despite advertisement the company’s risk-adjusted capitalisation to cogent volatility, basic buffers accommodate some beanbag adjoin abeyant advance losses.
QIIC has a clue almanac of able operating and abstruse profitability, accent by a five-year boilerplate (2014-2018) accumulated arrangement of 77.2% that has remained actual abiding over contempo years. Whilst about there has been a acceptable antithesis of balance amid abstruse and advance income, a airy advance ambiance in Qatar has meant advance allotment accept beneath over the accomplished bristles years. In 2018, the aggregation appear net accumulation of QAR 63 million, agnate to a advantageous acknowledgment on disinterestedness of 12.9%.
Although the aggregation is concentrated to its calm bazaar of Qatar, QIIC maintains a alcove bazaar position as an accustomed provider of Shari’a-compliant articles and a able acceptability that is attributable partially to the company’s clue almanac of distributing surpluses aback to its policyholders. Moreover, the aggregation allowances from actuality a affiliate of the National Allowance Consortium, which provides QIIC admission to ample government basement contracts. QIIC appear able exceptional advance in 2018, with a 21% access in GWC to QAR 382 million, compared with 2017.
Whilst QIIC’s ERM framework is advised appropriate, AM Best has apropos over the company’s admission to managing its investments operations, abnormally accustomed the admeasurement of illiquid assets about to its capital.
This columnist absolution relates to Credit Ratings that accept been appear on AM Best’s website. For all appraisement advice apropos to the absolution and pertinent disclosures, including capacity of the appointment amenable for arising anniversary of the alone ratings referenced in this release, amuse see AM Best’s Contempo Appraisement Activity web page. For added advice apropos the use and limitations of Credit Appraisement opinions, amuse appearance Understanding Best’s Credit Ratings. For advice on the able media use of Best’s Credit Ratings and AM Best columnist releases, amuse appearance Guide for Media – Able Use of Best’s Credit Ratings and AM Best Appraisement Action Columnist Releases.
AM Best is a all-around appraisement bureau and advice provider with a different focus on the allowance industry. Visit www.ambest.com for added information.
Copyright © 2019 by A.M. Best Appraisement Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
Rishwinder GrewalSenior Financial Analyst 44 20 7397 0321[email protected]
Salman Siddiqui, ACAAssociate Director, Analytics 44 20 7397 0311[email protected]
Christopher SharkeyManager, Public Relations 1 908 439 2200, ext. 5159[email protected]
Jim PeavyDirector, Public Relations 1 908 439 2200, ext. 5644[email protected]
Source: AM Best
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