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Islamic Finance Briefing - Categorized | Insurance (Takaful), Market Moves more

A.M. Best withdraws ratings of Boubyan Takaful Insurance Company KSC

Posted on 03 May 2013

Rating Services Limited has revised the outlook to stable from positive and affirmed the financial strength rating of C++ (Marginal) and the issuer credit rating of “b” of Boubyan Takaful Insurance Company KSC (CLOSED) (Boubyan) (Kuwait). Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in A.M. Best’s interactive rating process.
The revised outlook reflects Boubyan’s decision not to ring-fence assets in favour of policyholders. As per A.M. Best’s Takaful (Shari’a Compliant) Insurance Companies criteria, the risk-adjusted capitalisation of Boubyan’s policyholders’ fund remains weak………………………………………..Full Article: Source

 
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