Fitch affirms MNRB Retakaful

Fitch Ratings said it affirmed MNRB Retakaful Bhd.'s insurer financial strength rating at BBB+ with stable outlook.

The rating reflects operational support from MNRB Group, of which Fitch said it deems MNRB Retakaful as an important member.

The rating also takes into consideration the insurer's sound capitalization relative to business growth, and prudent management. However, the rating is constrained by MNRB Retakaful's limited track record, modest size, potential execution risks of its business plan, as well as the competitive and evolving takaful operating environment, the agency added.

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