NDON, March 30, 2009:&In a report published today, Standard & Poor's Ratings Services explains the way that its rating approach has been adapted to meet the growth of takaful insurance.

The article, "Standard & Poor's Approach To Rating Takaful And Retakaful (Islamic Re/Insurance) Companies," says that the last five years have seen takaful (Islamic insurance) grow from a niche product servicing relatively limited demand to become a mainstream risk management offering.

"In particular, we have seen rapid growth in the Arab world and an expansion across Europe. A further market development has been the growth of retakaful as a Sharia-compliant version of reinsurance," said Standard & Poor's credit analyst Kevin Willis.

Standard & Poor's has rated a number of Islamic insurers and reinsurers and so is able to on the way that the rating criteria have been adapted to address the specifics of this product.

It is important to note that a Standard & Poor's insurer financial strength rating is a current opinion of the financial security characteristics of an insurance organization, with respect to its ability to pay under its insurance policies and contracts in accordance with their terms. Standard & Poor's ratings on takaful and retakaful companies do not address Sharia compliance.

"We treat the mechanisms employed to deliver Islamic insurance solutions in a Sharia-compliant model as being a management decision over the operation of the company business model," said Mr. Willis. "The religious context itself is not part of the credit rating decision."

The report is&available to RatingsDirect subscribers at www.ratingsdirect.com. If you are not a RatingsDirect subscriber, you may purchase copies of these reports by calling (1) 212-438-9823 or sending an e-mail to research_request@standardandpoors.com. Ratings information can also be found on Standard & Poor's public Web site at www.standardandpoors.com; select Ratings in the left navigation bar, then Find a Rating. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5914; or Moscow (7) 495-783-4011.

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About Standard & Poor's in the Gulf Cooperation Council Standard & Poor's is the leading provider of financial market intelligence to customers in the Gulf's credit risk management, wealth management, and data and information markets. Since entering the region in the early 1990's, Standard & Poor's has become the largest provider of credit ratings in the G.C.C, rating 114 issuers. In equity markets, Shariah-compliant versions of Standard & Poor's global and regional equity market indices - S&P 500, S&P Europe 350, S&P Japan 500 and S&P/IFCI GCC - have created new opportunities for Islamic investors to benchmark their international investments and for asset managers to create new investment products serving the Islamic community. Standard & Poor's Fund Services launched a qualitative fund management rating service for regional asset managers in 2007. For further details on Standard & Poor's regional capabilities please visit&www.gcc.standardandpoors.com Analyst contacts: Kevin Willis, London Nigel Bond, London Neil Gosrani, London&

Press Office Contacts: London: +44 20 7176 3605 Dubai: +971 4709 6830 Paris: +33 1 44 20 6740 Frankfurt: +49 69 33999 225 Milan: +39 02 72 111 245 Madrid: +34 91 389 6944 Moscow: +7 495 783 4011 Stockholm: +46 8 440 5914

© Press Release 2009 omar 1.1:zy