IIRA and TCR in Turkish market deal(5/3/2009)

Islamic International Rating Agency (IIRA) has entered into a cooperative agreement with Turk Credit Rating Agency (TCR). Under this agreement, TCR will introduce IIRA’s products and services to the Turkish market, according to a press release on the IIRA’s website. Based in Manama Bahrain, IIRA is a regional rating agency which started its operations in 2005. IIRA claims it is completely independent and transparent, and follows a “consistent methodical and rigorous analytical process consistent with international best practice.”

IIRA is recognised by Central Bank of Bahrain as an External Credit Assessment Institution and is also on the list of approved rating agencies by the Islamic Development Bank in Saudi Arabia. Since its inception, IIRA said it has been expanding its client base and organisational capability to carry out rating assignments and currently has clients in many countries including Bahrain, the UAE, Kuwait, Turkey, Jordan, Pakistan and Indonesia. Turkish Credit Rating Agency (full name TCR Kurumsal Yonetim ve Kredi Derecelendirme Hizmetleri), is based in Istanbul and is incorporated under the regulatory framework of the Capital Markets Board in Turkey. The company was established in mid-2007, and received its credit rating and corporate governance rating licenses in mid-2007 and mid-2008, respectively. IIRA recently completed its sovereign rating of Turkey, subsequent to which it assigned a credit rating to one of the leading participation banks in Turkey. The management of IIRA and TCR believe that the efforts of both the parties under this cooperative agreement and technical cooperation will bring more awareness about ratings and will contribute to development of a healthy rating culture in the Turkish market