Serving the Islamic Ummah


IIRA encourages shareholders to participate and vote at each shareholders meeting so that IIRA is strengthened as Islamic Rating Agency to play its due rule in OIC Market

Multilateral Finance Institutions

Islamic Development Bank (IDB) , Saudi Arabia

Islamic The Islamic Development Bank (IDB) is a Multilateral Development Bank (MDB), established to foster the economic development and social progress of its member countries and Muslim communities in non-member countries in accordance with the principles of Shari’a (Islamic Law). The Islamic Development Bank is an international financial institution established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in Dhul Q'adah 1393H, corresponding to December 1973. The Inaugural Meeting of the Board of Governors took place in Rajab 1395H, corresponding to July 1975, and the Bank was formally opened on 15 Shawwal 1395H corresponding to 20 October 1975. The Bank's principal office is in Jeddah in the Kingdom of Saudi Arabia. Four regional offices were opened in Rabat, Morocco (1994), Kuala Lumpur, Malaysia (1994). Almaty, Kazakhstan (1997), and Dakar, Senegal (2008). The Bank also has field representatives in twelve member countries. These are: Afghanistan, Azerbaijan, Bangladesh, Guinea Conakry, Indonesia, Iran, Nigeria, Pakistan, Sierra Leone, Sudan, Uzbekistan and Yemen. The Board of Governors of the IDB in its 31st Annual Meeting in Kuwait decided to increase the authorized capital stock of IDB by 15 billion Islamic Dinars to become 30 billion Islamic Dinars and the subscribed capital by 6.9 billion Islamic Dinars to become 15 billion Islamic Dinars.

Islamic Corporation for the Development of the Private Sector, Saudi Arabia

The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral organization, affiliated with the Islamic Development Bank (IDB) Group. Its shareholders are the IDB, 45 Islamic member countries, and 5 public financial institutions from member countries. ICD was established by the IDB Board of Governors during their 24th annual meeting held in Jeddah in Rajab 1420H (November 1999). The head office of ICD is in Jeddah, Kingdom of Saudi Arabia. The mandate of ICD is to support economic development of its member countries through provision of finance to private sector projects in accordance with principles of the Shari'a through promoting private sector development. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. Projects financed by ICD are selected on the basis of their contribution to economic development considering factors such as creation of employment opportunities and contribution to exports. ICD also attracts co-financiers for its projects and provides advice to governments and private sector groups on policies to encourage the establishment, expansion and modernization of private enterprises, development of capital markets, best management practices and enhance the role of market economy. ICD operates to complement the activities of IDB in member countries and also that of national financial

Rating Agencies

Capital Intelligence Ltd., Cyprus

Capital Intelligence (CI) has been providing credit analysis and ratings since 1985, and now rates over 400 Banks, Corporates and Financial Instruments (Bonds & Sukuk) in 39 countries. A specialist in emerging markets, CI's geographical coverage includes the Middle East, the wider Mediterranean region, Central and Eastern Europe, South Asia, South-East Asia, the Far East, and North and South Africa.

VIS Credit Rating Co. Ltd., Pakistan

VIS Credit Rating Company Limited(Formerly JCR-VIS Credit Rating Company) (VIS), approved by Securities & Exchange Commission of Pakistan and State Bank of Pakistan, is operating as a ‘Full Service’ rating agency providing independent rating services in Pakistan. VIS is a joint venture between Vital Information Services (Pvt.) Limited (VIS) – Pakistan’s only independent financial research organization, Pakistan Stock Exchange Limited and ISE Towers RIET Management Company Limited.

Previously in 2001, Japan Credit Rating Agency, Japan (JCRA) and VIS had entered into a Joint Venture Agreement whereby JCRA acquired 15% shareholding in the then company (DCR-VIS Credit Rating Co. Ltd.) which has subsequently been bought back by VIS in December 2018. DCR-VIS Credit Rating Co. Ltd. was incorporated in 1997 as a joint venture between VIS, Karachi Stock Exchange Guarantee Limited (KSE), Islamabad Stock Exchange Limited (ISE) and Duff & Phelps Credit Rating Co., USA (DCR). Subsequent to DCR’s merger with Fitch IBCA, DCR sold its interests in DCR-VIS to VIS in 2001.

Malaysian Rating Corporation Berhad (MARC)

MARC is a domestic credit rating institution in Malaysia. MARC was incorporated in October 1995, commenced operations on 17 June 1996, and was officially launched on 5th September 1996 by the Deputy Prime Minister and Minister of Finance, Malaysia. Its shareholders are the major life and general insurance companies, stockbrokers and investment banks in Malaysia. Presently, the company has a paid-up capital of RM20 million. Since commencing business in 1996, MARC has announced the ratings of corporate debt, project finance debts and structured instruments to the value of MYR220 billion. 60% of the ratings (MYR134 billion) announced by MARC over the last 14 years were sukuk programmes. This also includes domestic ratings for Ringgit-denomination debt issued by foreign entities on a domestic rating scale.

Banks, Insurance Companies And Others

Kuveyt Turk Katilim Bankasi, Turkey

Kuveyt Turk was established in 1989 in the status of Private Financial Institution for the purpose of operating in accordance with the principles set by the Cabinet Decree No. 831/7506 of 16.12.1983. Operations of Private Financial Institutions were conducted by Cabinet Decrees on the one hand and communiqués of the Central Bank and the Undersecretariat of Treasury on the other hand until such operations were included within the scope of the Banking Law in 1999. In December 1999, Kuveyt Turk became subject to the Banking Law No. 4389, just like other Private Financial Institutions. The title was changed to be Kuveyt Turk Katilim Bankasi. in May 2006. Kuveyt Turk Serves its clients with 159 branches through Turkey providing corporate and retail banking services domestically, as well as branches in Bahrain and Mannheim Internationally. Total assets as on 31st December 2010 were 9.6 billion (YTL).

Bahrain Islamic Bank B.S.C, Bahrain

Bahrain Islamic Bank (BIsB) was established in 1979 as the first Islamic commercial bank in the Kingdom of Bahrain. The Bank, with 13 local branches, has established the largest network of branches among Islamic banks in the Kingdom. These branches offer quality banking services, financing and investment opportunities compliant with Shari’a requirement for individual and corporate customers. The authorized capital is BD 100 million and paid up capital is BD 72.859 million as of December 2010.

Arcapita Bank B.S.C., Bahrain

Arcapita operates out of four offices in Bahrain, Atlanta, London and Singapore. The Bank has a paid-in capital of $311 million, of which 70% is held by over 300 prominent individuals and institutions mostly from the Arabian Gulf region, and the remaining 30% is beneficially held by Arcapita's management. Arcapita has a balance sheet footing of $3.7 billion and an equity capital base of $1.1 billion. Arcapita has completed investments with a total transaction value of over $28 billion in its four lines of business, Private Equity, Real Estate, Infrastructure and Venture Capital. The Bank employs 275 people at its four offices. Arcapita is licensed as an Islamic wholesale bank by the Central Bank of Bahrain.

Abu Dhabi Islamic Bank, United Arab Emirates

Abu Dhabi Islamic Bank was established on 20th May 1997 as a Public Joint Stock Company through the Amiri Decree No. 9 of 1997. The Bank commenced commercial operations on 11th November 1998, and was formally inaugurated by His Highness Sheikh Abdullah Bin Zayed Al Nahyan, UAE Minister of Information and Culture on 18th April 1999. All contracts, operations and transactions are carried out in accordance with Islamic Shari'a principles. ADIB commenced its operations with a paid-up capital of One Billion Dirhams divided into hundred million shares, the value of each share being ten dirhams. The shares are quoted on the Abu Dhabi Securities Market.|

Syarikat Takaful Malaysia, Berhad, Malaysia

Syarikat Takaful Malaysia Berhad (Takaful Malaysia) was incorporated on the 29th of November 1984. The current authorised capital of Takaful Malaysia is RM500 million and paid-up capital is RM162.817 million. It commenced operation on the 22nd of July, 1985 prior to its official launching on the 2nd of August 1985 by the then Prime Minister of Malaysia, Tun Dr. Mahathir Mohamed. Takaful Malaysia was transformed into a public limited company on the 30th of July 1996 followed with the listing of its shares on the Main Board (now known as 'Main Market') of Bursa Malaysia Securities Berhad. The capital was then raised to RM55 million. The capital structure since then has been further enhanced arising out of the restructuring exercise at the end of 2003, resulted in the paid-up share capital of Takaful Malaysia currently stands at RM162.817 million.

Pakistan Kuwait Investment Company (Pvt.) Ltd., Pakistan

Pakistan Kuwait Investment Company (Private) Limited (PKIC) is Pakistan’s leading Development Financial Institution (DFI) engaged in investment and development banking activities in Pakistan. PKIC was established as a joint venture between the Governments of Pakistan and Kuwait in 1979 and the company initiated operations with a paid-up capital of Rs. 62.50 million. Over the years paid-up capital and reserves have increased manifold and currently the total equity stands at a healthy Rs. 8.9 billion, reflecting upon the company’s impressive performance since inception.

Arab Islamic Bank, Palestine

The Arab Islamic bank is committed to developing and introducing innovative and pioneering Islamic banking solutions and services that meet the highest quality standard through the continuous promotion of Islamic economic principles , teamwork approach ,staff training and valuing advice from all to better serve the community.

Dubai Islamic Bank, United Arab Emirates

Dubai Islamic Bank has the unique distinction of being the world’s first fully-fledged Islamic bank, a pioneering institution that has combined the best of traditional Islamic values with the technology and innovation that characterize the best of modern banking. Since its formation in 1975, Dubai Islamic Bank has established itself as the undisputed leader in its field, setting the standards for others to follow as the trend towards Islamic banking gathers momentum in the Arab world and internationally.

Bosna Bank International, Bosnia

Bosna Bank International d.d. was established on October 19, 2000 as the first bank in Europe to operate on the principles of Islamic banking. The share capital of BBI amounted to KM 47,52 million, which at that time, was the largest paid in capital compared to other banks in the country. With that capital, BBI is ready to embark on the reconstruction and further development of Bosnia and Herzegovina. The Founders/Shareholders of BBI with resources exceeding US$ 22 billion belong to the most powerful financial institutions in the world and they are supporting our business development worldwide.

Al-Baraka Banking Group, Bahrain

ABG is a Bahraini Joint Stock Company listed on Bahrain and Dubai stock exchanges and one of the well-known leading international Islamic banks. ABG offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Sharia'a. The authorized capital of ABG is US$1.5 billion, while the total equity amounts to about US$ 1.5 billion. The Group has a wide geographical presence in the form of subsidiary banking Units in 12 countries, which in turn provide their services through more than 240 branches. These banking Units are Jordan Islamic Bank/ Jordan, Al Baraka Islamic Bank – Bahrain, Al Baraka Islamic Bank/ Pakistan, Banque Al Baraka D'Algerie/ Algeria, Al Baraka Bank Sudan/Sudan, Al Baraka Bank Ltd/ South Africa, Al Baraka Bank Lebanon/Lebanon, Bank Et-Tamweel Al- Tunisi Al Saudi/ Tunisia, The Egyptian Saudi Finance Bank/Egypt, Al Baraka Turk Participation Bank/Turkey, Al Baraka Bank Syria (under establishment), and Representative office, Indonesia.

Jordan Islamic Bank, Jordan

Jordan Islamic Bank was established as a public shareholding company on 28th.Nov, 1978 and was licensed to practice financing, banking and investment activities in compliance with the provisions of the glorious Islamic Shari'a in accordance with the Banks Law (Islamic banks chapter) . When the Bank's first branch commenced business on 22/9/1979, the paid-up capital was JD 2 million and authorized capital was JD 4 million. The paid up capital of the Bank now is JD 100 million (about USD 141 million).

Bank Islam Malaysia Berhad, Malaysia

Bank Islam’s relentless drive to pioneer change is rooted in its status as Malaysia’s maiden Shariah-based bank. Since its inception in July 1983, Bank Islam has not only become the symbol of Islamic banking in Malaysia, it has also played an integral role in setting the stage for a robust growth of the country’s Islamic financial services industry (“the industry”). As the flag bearer of the industry, the Bank intends to pave a future of unparalleled innovation and unlimited possibilities in Islamic finance. The Bank has grown from strength to strength over the years. From the seed capital of only RM80 million initially, Bank Islam’s shareholder funds swelled to RM2.5 billion as at December 2010, a testament to its successful long-run growth plan.

Dubai Bank

Dubai Bank was launched in September 2002 and became a Shari’a compliant financial institution from January 1, 2007. All of the Bank’s business activities are carried out in a manner that ensures compliance with the standards of ethical banking that are currently followed by a number of banks around the globe. To ensure the high standards expected; everything Dubai Bank do is vetted by the well respected and prominent scholars on the Shari’a Board. The vision of the bank is to be the premier global brand in Shari’a compliant financial services and the mission of the bank is to create value for the stakeholders by becoming the premier Shari'a compliant brand through commitment to outstanding quality, continuous innovation and timely execution.

The International Leasing & Investment Company (ILIC)

ILIC is a Kuwaiti shareholding company (KSC) incorporated in 1999 under commercial companies and is registered with the Central Bank of Kuwait (CBK) as an investment company. ILIC is principally engaged in leasing and investment activities and management advisory services. All activities of ILIC are carried out in compliance with the Islamic Sharia. ILIC is a Public Listed Company where its capital shares are distributed among many public shareholders. However, strategic investors are holding more than 60% of the shares of ILIC.

A. K. Bakri & Sons Holding

Mr. Abdulkader Al Bakri, founder and chairman of the group, established the first companies i.e. Alkhomasia Establishment and Bakri Bunker in 1973 by acquiring a bunker tanker and offering his agency and bunkering services to calling and passing vessels, This was the time when Jeddah Islamic Port was emerging as a major trading hub for Saudi Arabia and the Arabian Peninsula. After a few years, Bakri Trading Company was founded to trade in the physical oil and oil products markets in the same period. Bakri Navigation Company was established to provide shipping and time charter services and Red Sea Marine Services to cater for the market requirement in ship management and marine support services. For over twenty years, these five companies have been operating as a group, providing a comprehensive and complementing range of services to the energy and marine markets hence, making them one of the major players in Saudi Arabia and the Middle East.

Saba Islamic Bank

Saba Islamic Bank was established in June, 1996 in the Republic of Yemen, and is one of the leading Islamic bank of the country. Its principal shareholders (>10%) include Dubai Islamic Bank, Islamic Corporation for the Development of the Private Sector (ICD), and Al Ahmar Group. It has 14 branches in Yemen and one fully owned subsidiary in Djibouti. As of December 31, 2010 it had a total asset base of approx. USD 825 million backed up by shareholder's equity of approx. USD 72 million.Total revenues were approx. USD 43.6 million with a net profit of USD 33.4 million. The bank is led by Mr. Hamid Bin Abdullah Al Ahmar - Chairman, Mr. Abdulkarim Kaseem Al Rouhani - Managing Director and Mr. Jamil Al Ansy - General Manager.

Sanabel Securities

Sanabel Securities was established in 1994 and is recognized as a leading stock brokerage firm in the Sudan, with assets of SDG 49 million. Sanabel Securities provides its clients with a wide base of services related to the securities and stocks listed in Khartoum Stock exchange based on its significant knowledge of the country, combined with its state of the art technology practices, and research tools.

Institute of Certified Public Accountants of Pakistan ICPAP

The Institute of Certified Public Accountants of Pakistan (ICPAP) was established as an organization in August 1992 with the objective of imparting world class training in Accounting, Finance, Auditing, Management, Corporate and Tax Laws to students, working executives and professionals in Pakistan. The Institute of Certified Public Accountants of Pakistan (ICPAP) launched the Certified Public Accountant (CPA) Program with a state of the art course design and curriculum. Over the years, the Certified Public Accountant (CPA) Program received overwhelming response from a wide cross section of students, professional and working executives. Currently there are 1700 CPAs who successfully completed the CPA Program of ICPAP and received the CPA membership.

Anc Foods (Pvt) Limited

ANC is part of the locally well known Gourmet Group – a multiline group in Foods and beverages, Real Estate, Petroleum Retail and more recently, the Financial Sector. Anc Foods (Pvt) Ltd is engaged in the production and sale of carbonated soft drinks (CSD), bottled water, Bakery items and sweets. The production unit is located in the city of Multan and is serving a large part of Southern Punjab, Balochistan and Sindh provinces. In 2015,Gourmet was awarded “Brand of the Year” of Pakistan at the World Branding Award ceremony held on 24th September, 2015 at The Kensington Palace, London – UK.

Gourmet, is the most diversified food and beverage manufacturing group of companies in Pakistan - a nation having 190 Million inhabitants. With a product range of approximately 800 items of confectionery; Gourmet is an affordable and trusted national brand of Pakistan. From a humble beginning in 1987 in Lahore, the 2nd most densely populated city of Pakistan; Gourmet’s 275 plus outlets have swelled nationwide to all major cities and adjoining towns and suburbs. In Lahore alone, a city of 13 Million, there are 100 Gourmet outlets; in proximity to all major city dwellings. In 2015 alone, Gourmet accumulated $200 Million (Rs. 20 Billion) in sales, earned $40 Million in profits, generated thousands of employment opportunities and is the 36th largest tax contributor to the national exchequer.