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21 Feb | Wednesday
RAM Ratings: Malaysian sukuk performance remained resilient in 2017

RAM Ratings’ observed that quasi-government heavyweights, led by DanaInfra Nasional Berhad, Lembaga Pembiayaan Sektor Awam and Prasarana Malaysia Berhad, supported Malaysia’s local-currency (LCY) sukuk issuance. LCY sukuk issuance summed up to RM168.7 billion for the year, surpassing RAM’s full-year projection of RM100 billion-RM120 billion. “We anticipate DanaInfra’s sukuk issuance to increase significantly in 2018, driven by the funding requirements for the MRT Line 2 and the Pan Borneo Highway,” notes Ruslena Ramli, RAM’s Head of Islamic Finance.

RAM’s latest edition of the Sukuk Snapshot highlights that on the international front, the volume of global sukuk issuance also exceeded RAM’s projection of USD85 billion-USD90 billion for 2017, having swelled 33.6% y-o-y to USD97.3 billion (2016: USD72.9 billion). This was bolstered by a 144.5% (or USD46.6 billion) spike in issuances from GCC countries. Notably, Malaysia maintained its leadership with USD36.5 billion of global sukuk issuance, followed by Saudi Arabia (USD31.7 billion), Indonesia (USD6.9 billion), and Qatar (USD5.6 billion).

The Sukuk Snapshot is designed as a quick reference point for sukuk data and trends. This publication aims to serve the needs of market practitioners, enabling them to monitor global and Malaysian sukuk market developments. Subscribers can retrieve the Sukuk Snapshot via our website, www.ram.com.my. Non-subscribers may purchase the report at RM530 (inclusive of GST) per copy. For further enquiries, please contact Ain at (603) 7628 1108 or Faiez (603) 7628 1104, or fax (603) 2711 1701/ (603) 7620 8250, or e-mail ain@ram.com.my or faiez@com.my.my.

Analytical contact
Irfan Afifah Mohd Zaki
(603) 7628 1196
irfan@ram.com.my

Media contact
Padthma Subbiah
(603) 7628 1162
padthma@ram.com.my

Date of release: 21 February 2018

The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations

RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications.

Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.

Published by RAM Rating Services Berhad
© Copyright 2018 by RAM Rating Services Berhad’s

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