Standard & Poor's (S&P) has reconfirmed BBB 'Stable' long-term counter-party credit and insurer financial strength ratings to Takaful Re Limited (TRL), a Dubai International Financial Centre-based re-takaful operator.

Takaful Re is a subsidiary of Bahrain-based Arab Insurance Group.

According to S&P, the rating is based on Takaful Re's strong capitalisation, strong liquidity, and supportive shareholders, focused on fostering the development of the re-takaful industry.

S&P said the re-takaful company benefits from its good brand awareness, technical expertise, knowledge of the takaful markets, and high-quality service.

'Reaffirmation of rating by S&P is recognition to TRL's proven standing capabilities in the re-takaful sector, which will reinforce the company's dedication to offer Sharia-compliant reinsurance and related services to the growing takaful and Islamic insurance market,' Takaful Re chief executive Chakib Abouzaid said.