Strong capitalization and good current earnings. Strong business profile and competitive position. Increasingly impressive track record. Still somewhat over-dependent on reinsurance subsidiary BEST Re for volume and technical income. Group's primary insurance subsidiaries lack strong leadership positions in their local markets. The rating on Dubai-based Islamic Arab Insurance Co. (Salama/IAIC), which trades under the 'Salama' brand, reflects the company's strong commercial and very good financial profiles when viewed in conjunction with its principal subsidiaries, in particular the wholly-owned, Tunis-based reinsurance subsidiary, BEST RE (rated the same as Salama/IAIC given our view that the reinsurer is strategically 'core' to its parent). The consolidated Salama group's overall financial strength therefore derives from strong and diversified business positions--principally in Islamic markets--as well as
