Shari'a Rating Scale and Definations

IIRA uses a scale of AAA (sq) to B (SQ) to rate Shari'a Quality Compliance with AAA (sq) being the highest possible rating and B (SQ) being the lowest possible rating.

• AAA (sq) – In IIRA’s opinion, an entity/instrument rated AAA (sq) conforms to highest level of standards of Shari’a requirements in all aspects of Shari’a quality analysis.

• AA (sq) – In IIRA’s opinion, an entity/instrument rated AA (sq) conforms to very high level of standards of Shari’a requirements in all aspects of Shari’a quality analysis.

• A (sq) – In IIRA’s opinion, an entity/instrument rated A (sq) conforms to high level of standards of Shari’a requirements and has very few weaknesses in some areas of Shari’a quality analysis.

• BBB (sq) – In IIRA’s opinion, an entity/instrument rated BBB (sq) conforms to moderately high level of standards of Shari’a requirements and has few weaknesses in some areas of Shari’a quality analysis.

• BB (sq) – In IIRA’s opinion, an entity/instrument rated BB (sq) conforms to satisfactory level of standards of Shari’a requirements and has some weaknesses in some areas of Shari’a quality analysis.

• B (sq) – In IIRA’s opinion, an entity/instrument rated B (sq) conforms to adequate level of standards of Shari’a requirements and has weaknesses in some areas of Shari’a quality analysis.

Note: IIRA appends modifiers + or - to each generic rating classification from AA through B. The modifier + indicates that the obligation ranks in the higher end of its generic rating category; no modifier indicates a mid-range ranking; and the modifier - indicates a ranking in the lower end of that generic rating category.