Islamic International Rating Agency

What Islamic International Rating Agency does

Islamic International Rating Agency (IIRA) is a Bahrain-domiciled, privately-held specialized international credit rating agency founded in 2001 and headquartered in Manama. IIRA is the first and only international credit rating agency focused exclusively on Islamic finance, serving Islamic commercial banks, investment banks, takaful (Islamic insurance) companies, asset managers, sovereigns, and industrial corporates across more than 14 OIC member countries including Bahrain, Saudi Arabia, UAE, Türkiye, Jordan, Pakistan, Malaysia, Egypt, Sudan, Kazakhstan, Libya, Tunisia, Iraq, and Suriname. Its core products comprise National Scale and International Scale Credit Ratings (foreign and local currency), Shari'ah Compliance and Fiduciary Ratings, Takaful Financial Strength Ratings, and Sovereign Ratings, all underpinned by proprietary methodologies — most notably the Fiduciary Rating System (launched 2011) that captures Mudarib quality, governance and Shari'ah compliance, alongside specialized frameworks for AWQAF (endowments), industrial corporates, social performance evaluation, and supranational entities.

The company is regulated as a joint-stock company with a diversified shareholder base that combines multilateral institutions (Islamic Development Bank, ICD), technical partner rating agencies (VIS, MARC, Capital Intelligence), and a syndicate of leading Islamic banks that are simultaneously shareholders and customers (Dubai Islamic Bank, Al Baraka, Kuveyt Turk, Jordan Islamic Bank, Bahrain Islamic Bank, Bank Islam Malaysia, Abu Dhabi Islamic Bank). IIRA has obtained External Credit Assessment Institution (ECAI) recognition from seven regulatory authorities across Bahrain, Jordan, Türkiye, Sudan, Pakistan, Oman, and Kazakhstan, allowing its ratings to be used for banking supervision. The firm also operates a wholly-owned Turkish subsidiary, National Investor Services (NIS), licensed by the Capital Markets Board of Türkiye.

Revenue is generated through two primary streams: a one-time Initial Rating Fee structured as a two-step payment (one at agreement signing, one at assessment conclusion, billed by effort and complexity) and an Annual Surveillance Fee (recurring subscription, invoiced 30 days before each contract anniversary, with a 1% per-month charge on overdue balances). Out-of-pocket expenses for travel are billed separately at cost. The go-to-market is direct enterprise field sales to financial institutions and sovereigns, supported by regulatory recognition, public dissemination of ratings through iirating.com and news agencies, regular country-level economic and banking commentaries, and participation in industry events. Revenue is not publicly disclosed.

Name

Islamic International Rating Agency

Legal name

Islamic International Rating Agency

Website

https://iirating.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

11–50 employees

Short description

Islamic International Rating Agency (IIRA) is a Bahrain-based, specialized international credit rating agency exclusively focused on Islamic finance, providing national and international scale credit ratings, Shari'ah compliance and fiduciary ratings, takaful ratings, and sovereign ratings to Islamic banks, takaful operators, asset managers, corporates, and governments across more than 14 OIC countries, with ECAI recognition in seven jurisdictions.

Ownership category

akta.pro rank

Product category

Credit Rating Services (Islamic Finance)

NAICS

Credit Bureaus (56145), Credit Bureaus (561450)

SIC

Finance Services (6199)

akta.pro primary industry

Shariah Governance, Compliance & Advisory (Shariah Boards, Audit, Fatwa) (FSABAGAJ)

akta.pro secondary industry

Purchase Price Allocation (PPA) & Intangible Asset Valuation (FSAEAHAF)

Keywords

• Islamic credit ratings
• Shari'ah compliance ratings
• Takaful insurance ratings
• Sovereign credit assessment
• Fiduciary rating services

Headquarters

HQ city

Manama

HQ country

Bahrain

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Initial Credit Rating Services: Initial rating fee charged in two steps - first payment due at signing of agreement and second payment upon conclusion of the assessment. The fee is based on quantum of effort involved and complexity level of each mandate.
2. Annual Surveillance Rating Services: Subsequent to initial rating, ratings are subject to annual surveillance requiring annual fee payment. Surveillance fee is due at anniversary of signed agreement and invoiced 30 days before anniversary date.
3. Out-of-Pocket Expenses: Agreed out of pocket expenses on account of out of station travel etc. charged separately to client at actual cost.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Islamic International Rating Agency (IIRA) provides independent credit ratings, Shari'ah compliance assessments, and fiduciary ratings to Islamic financial institutions, sovereigns, corporates, takaful operators, and asset managers across OIC member countries. Its services span national-scale and international-scale credit ratings, plus specialized Islamic finance frameworks including Takaful, AWQAF, and Social Performance Evaluation methodologies. Revenue is generated through initial rating fees and recurring annual surveillance fees charged to rated entities.

Product overview

IIRA offers a comprehensive suite of rating products and services for the Islamic finance industry, operating as a specialized credit rating agency focused on OIC markets. The portfolio includes National Scale Credit Ratings and International Scale Credit Ratings (covering both foreign currency and local currency assessments) as core products, complemented by specialized Islamic finance assessments such as Shari'a Compliance and Fiduciary Rating (evaluating AMQ, CG, and SG components), Takaful Rating for insurance entities, and Sovereign Rating for governments. These are supported by a methodology ecosystem comprising Credit Rating Methodology for Commercial Banks, Industrial Corporates Rating Methodology, Social Performance Evaluation, AWQAF Rating Methodology, Fiduciary Methodology, and Supranational Entities Rating — all designed to address the unique requirements of Islamic financial instruments including sukuk programmes, takaful operations, and awqaf institutions across 14+ Islamic countries.

Differentiator

Problem solved

Functional benefit

Products and services

• National Scale Credit Ratings
• International Scale Credit Ratings
• Shari'ah Compliance and Fiduciary Rating
• Takaful Rating
• Sovereign Rating
• Industrial Corporates Rating
• AWQAF Rating
• Social Performance Evaluation
• Supranational Entities Rating

Quantifiable outcome

• Rating mandates in 14 Islamic countries
• +1 more outcomes

Named customers15 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Five partnerships are on record, tiered core and flagship.

• Libyan Capital Market Authority (LCMA)coreStrategic or Co-development Partner · 23 March 2022IIRA signed a Memorandum of Understanding with the Libyan Capital Market Authority to establish cooperative framework for rating services in Libya.
• VIS Credit Rating Co. Ltd.flagshipTechnology or IntegrationTechnical partner and shareholder providing research, methodology development support and analytical assistance. Also provides management services to IIRA under technical partnership agreement. Recognized by SECP and State Bank of Pakistan as ECAI.
• Malaysian Rating Agency Berhad (MARC)flagshipTechnology or IntegrationTechnical partner and shareholder. Domestic credit rating agency in Malaysia with strong presence in sukuk ratings. 60% of ratings over first 14 years were sukuk programmes.
• National Investor Services (NIS) - TurkeycoreStrategic or Co-development PartnerIIRA's subsidiary in Türkiye. Obtains license as Authorized Credit Rating Agency from the Capital Markets Board of Türkiye, enabling operations in Turkish market.
• Association of Credit Rating Agencies in Asia (ACRAA)coreStrategic or Co-development PartnerACRAA established 2002 with office in Manila. Represents 30 rating agencies in Asia. IIRA founder Mr. Faheem Ahmad served as Chairman of Board of Directors 2014-17 and contributed to Best Practices Committee.

Scale indicators2 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Malaysian Rating Corporation Berhad (MARC): MARC is IIRA's technical partner and shareholder, and Malaysia's domestic credit rating agency with strong sukuk rating expertise (60% of its first 14 years of ratings were sukuk programmes). It is a directly comparable Islamic-finance-aware rating agency serving OIC markets.
• VIS Credit Rating Co. Ltd. VIS is IIRA's other technical partner and shareholder, Pakistan's leading domestic credit rating agency, and recognized by SECP and State Bank of Pakistan as an ECAI. Directly comparable to IIRA in both methodology development and Islamic finance coverage in Pakistan.
• Capital Intelligence Ltd. Capital Intelligence is an IIRA shareholder and a long-established credit rating agency covering 400+ banks, corporates, and financial instruments in 39 countries. Comparable as a multi-jurisdiction rating agency operating across emerging and OIC markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Islamic International Rating Agency