Moody’s Investors Service, a bond credit rating unit of Moody’s Corporation, has established a global Islamic Finance Group (IFG) to meet the growing demand for Islamic finance credit ratings and research.
Moody’s said that IFG will deliver independent analysis of Shari’ah-compliant products, financial institutions and takaful insurers.
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The new unit will be chaired by Dubai-based Khalid Howladar, recently-appointed global head of islamic finance.
Howladar has held various positions at Moody’s since 2001, spanning both the Structured Finance and Financial Institutions Groups.
Commenting on the launch, Howladar said: "The Islamic finance industry is relatively new, complex and evolving rapidly, which highlights the constructive role that Moody’s independent opinions and research on credit risk can play for global investors.
"Given the natural affinity of customers within the Gulf and Malaysia towards Islamic banking, growth of these banking assets in emerging markets is broadly twice that of conventional banks. Saudi Arabia’s domestic banking and sukuk markets are already strong, while newer markets, such as Turkey and Indonesia, also show very significant long-term growth potential."
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