Kiulap, Bandar Seri Begawan, 7 December 2009: Fitch Ratings, in their press release dated 3 December 2009, has assigned an Insurer Financial Strength (IFS) rating of ‘BBB+’ to Insurans Islam TAIB. The Outlook is Stable. (Please refer to the press release issued by Fitch Ratings for more details).

With the ratings issuance, Insurans Islam TAIB is the first local islamic financial institution (IFI) in Negara Brunei Darussalam rated by Fitch Ratings, a global rating agency. The ratings assignment signifies an important and historic milestone for Negara Brunei Darussalam in general and for Insurans Islam TAIB in particular towards realising the government’s vision to establish Brunei Darussalam as a regional financial hub.

The ratings issuance also should signal a positive confidence to the Brunei’s insurance consumers and specifically to the takaful participants, current and potential, on the financial strength of Insurans Islam TAIB at this interesting time. It should also prove that a local company offering islamic financial services is capable of establishing a financially sound organisation that is on par with other global insurers that are more mature and bigger in business scale.


“This rating achievement is a culmination of the hard works produced by the officers and staffs of Insurans Islam TAIB over the years since its establishment – with the guidance and leadership from the past and present members of the Board of Directors.” said Hj Osman bin Hj Md Jair, Managing Director of Insurans Islam TAIB. “The initiative to have Insurans Islam TAIB rated by an international rating agency is based on the drive to know where we are in terms of financial strength among our peers, regionally and internationally.” Hj Osman further added.

Insurans Islam TAIB’s rating issuance is timely especially when regulators of the financial industry around the world are re-enforcing vigilant supervisions and calling for wider transparency in light of the U.S financial meltdowns.

Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. With more than 50 offices worldwide, Fitch’s global expertise draws on local market knowledge. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.

Fitch Ratings is headquartered in New York and London and is part of the Fitch Group. In addition to Fitch Ratings, the Fitch Group also includes Fitch Solutions, a distribution channel for Fitch Ratings products and a provider of data, analytics, and related services. The Fitch Group also includes Algorithmics, a world leading provider of enterprise risk management solutions. The Fitch Group is a majority-owned subsidiary of Fimalac, S.A., headquartered in Paris, France.

On 23 September, 2009 Fitch Ratings has been voted the top rating agency for the insurance sector in a survey of international insurance underwriters and brokers conducted by 'Global Broker and Underwriter' magazine. Fitch rates more than 1,450 insurance companies worldwide.