The first Islamic credit rating agency will be establishes in Manama in April, reported the Gulf Daily Saturday.
A chief executive officer will also be appointed within weeks for the Bahrain-based International Islamic Rating Agency (IIRA).
Several nominations for the post are being considered and a decision is expected soon, Bahrain Islamic Bank managing director, Abdul Latif Janahi, said.
The IIRA is to be set up with a paid capital of $2 million and an authorized capital of $10m, said the news service.
“We are aiming to begin operations by April-end,” said Janahi.
He said the setting up of the IIRA will constitute a major step towards promoting and supporting an Islamic capital market.
The IIRA will play a critical intermediary role by rating risks in a fast developing and changing capital market, said Janahi.
It will also enable investors to assess the credit worthiness and financial position of banks and the measure of compliance by Islamic financial institutions and issuers of their financial instruments – Albawaba.com
