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Media Center > News > Kuwait-based Wethaq Takaful outlook revised to stable; 'BB' ratings affirmed
12/30/2010
Kuwait-based Wethaq Takaful outlook revised to stable; 'BB' ratings affirmed
 

Standard and Poor's Ratings Services said today it has revised the outlook on Takaful player Wethaq Takaful Insurance Co. (Wethaq) to stable from negative. At the same time, we have affirmed the 'BB' long-term counterparty credit and insurer financial strength ratings.

The general manager of Wethaq Mr. Majid Yusuf Al-Ali said that, despite the circumstances surrounding the markets the company has sustained and developed a satisfied level of operations in Kuwait and launched a new business in Egypt.

Al-Ali said.. That Standard and Poor's has reviewed the business where they have decided to give a stable state after a negative rate in ratings of BB, and confirmed that all the reviews that are consistent with this classification. And it believes that "WETHAQ" has continued to operate independently in its market.

Al-Ali commented also.. That this amendment reflects the company's commitment to a high level of occupational classification standards and vocational quality requirements in accordance with the methodology adopted by "Standard & Poor's. And Wethaq's commitment to their strategies in light of existing competition in the insurance sector to strengthen its presence and maintain its position through its activities and events.

Al-Ali said.. We believe that this rate is a strong incentive for the company and encouraging it’s efforts, we hope that this rating establishes trust and provide trust and creditability to our customers and gives us a competitive advantage in the markets of conventional insurance and Takaful. "

It is worth mentioning that Wethaq the first national company engaged in the Takaful insurance industry since year 2000, where the company has worked over the past years to provide insurance services through following a selective policy to attract certain segments of customer who are wishing to secure their business and activities in accordance with the provisions of Islamic regulations, therefore the company has increased it’s market share of Takaful market in Kuwait even reached a satisfactory proportions and in light of the large growth of for Takaful insurance market.