LONDON (Standard&Poor's) May 24, 2007--Standard&Poor's Ratings Services said today it assigned its 'BBB+' long-term counterparty credit and insurer financial strength ratings to Salama/Islamic Arab Insurance Co. (P.S.C.) (Salama/IAIC), which is incorporated in Dubai, United Arab Emirates. At the same time, the long-term counterparty credit and insurer financial strength ratings on the 100%-owned, Tunisia-based reinsurance subsidiary, B.E.S.T. Reinsurance Co. (Best Re), were raised to 'BBB+' from 'BBB'. The outlook on both entities is stable. Salama/IAIC is a Dubai-listed insurance operating company that is parent to a group of insurance and reinsurance companies, including Best Re, that operate in an explicitly Sharia-compliant manner (that is, takaful insurance and retakaful reinsurance). The group is the largest takaful and retakaful
