Moody's is voted Best Rating Agency for Islamic Finance

ZAWYA:Moody's Investors Service has been voted "Best Islamic Rating Agency" -- that is, best rating agency for Islamic finance ratings by the readers of Islamic Finance News in the publication's annual 2008 Awards poll. The award recognises Moody's superior ratings coverage of Islamic financial institutions and Sukuk transactions during 2008.

Indeed, Moody's rates and publishes in-depth research on most of the banks that were voted "Best Islamic Bank" in their respective country by the readers of Islamic Finance News. "Moody's is pleased to receive recognition for its credit analyses of Shari'ah-compliant banks and its close surveillance of Islamic capital markets," said Anouar Hassoune, Vice President -- Senior Credit Officer who has spearheaded Moody's research on Islamic Financial Institutions. "Moody's maintains its view that the Islamic finance industry has a bright future," added Mr Hassoune.

Moreover, in terms of Islamic securitisations, Moody's rated high-profile deals in 2008, such as the Tamweel Sukuk, which was voted "Sukuk of the year", as well as the Sorouh/Sun Finance deal, which was voted "Structured Finance Deal of the Year" by the readers of Islamic Finance News. "The Sorouh/Sun Finance securitisation was a landmark in Sukuk markets, which are increasingly interested in 'true' asset-backed financings. Moody's applied its extensive analytical, legal and risk expertise for the benefit of investors," said Khalid Howladar, Moody's Vice President -- Senior Credit Officer for Asset-Backed and Sukuk Finance.

The award of "Best Islamic Rating Agency" not only confirms Moody's expertise in Islamic Finance, but also its high-profile role in enhancing global market awareness and understanding of Islamic finance through its prolific research on trends and developments in Islamic Finance (please refer to the selection of reports listed at the end of this release). In addition, Moody's analysts are regularly invited to share their insights at numerous public forums and educational workshops on Islamic finance.

"Moody's is delighted to receive this accolade, which represents a well-deserved recognition of the expertise and efforts of Moody's global Islamic finance team that is spread across its offices in Dubai, Limassol, Paris and Singapore," said Jehad el-Nakla, General Manager of Moody's Middle East based in the DIFC in Dubai. "The award testifies to Moody's ongoing commitment to Islamic finance, especially in the Middle East, where this segment is becoming increasingly important and where our key clients can be served from our sizable and growing Moody's Dubai office."

Anouar Hassoune, Khalid Howladar and Jehad el-Nakla, who will receive the award, will be available for face-to-face media interviews on the day of the awards ceremony to be held by Islamic Finance News at the Grand Hyatt Hotel in Dubai on 3 March 2009...Continue Reading