Injazat Capital, the pioneering Shari’a compliant investment bank in the Middle East and North Africa region has recently entered into an agreement with the Islamic International Rating Agency (IIRA), based in Bahrain, to carry out Shari’a Quality Rating on Injazat Technology Fund.
A Shari’a Quality Rating aims to provide information and independent assessment of the level of Shari’a compliance among Islamic financial institutions or conventional institutions providing Islamic banking or financial services as well as of Islamic financial products such as Sukuk.
Speaking on the occasion, Jamal Abbas Zaidi, Chief Executive Officer, IIRA said: “One of the major advantages in the availability of ratings as a tool is their ability to benchmark institutions by level of Shari’a compliance. This generates competition that in turn will lead to the improvement of Shari’a quality in the Islamic finance industry.”
Rami Bazzi, Principal, Injazat Technology Fund said: “We strive to implement best practices that safeguard the interests of all our stakeholders. Working with IIRA to carry out Shari'a Quality Rating is another milestone in Injazat Capital’s journey towards meeting the highest standards in relation to internal procedures, disclosure, code of ethics and professional resources management.”
In addition to Shari’a Quality Rating, IIRA also provides credit ratings to sovereigns, banks, insurance companies and instruments issued by governments or companies. IIRA aims to play a critical role in the development of the financial market by providing an assessment of the risk profile and Shari’a Quality of entities and instruments that can be used as a basis for investment decisions.