RAM Assigns Preliminary Ratings to RCEM’s Zamarad Assets’ MYR 100 Million Tranche 6 Sukuk Issuance

RAM Ratings (RAM) has assigned preliminary ratings of Zamarad Asset’s (Zamarad) Tranche 6 MYR 80 million Class A Sukuk as AAA/Stable, and MYR 20 million Class B Sukuk as AA2/Stable. This marks the sixth issuance under Zamarad’s MYR 2 billion Sukuk Murabahah Programme (the Programme).

Acting as a special-purpose vehicle, Zamarad was incorporated to undertake securitisation of personal financing facilities from the business partners of RCE Marketing (RCEM), which is a Malaysian financing services company.

Ratings Rationale

Tranche 6 is the first issuance under the Programme with a Revolving Option, which allows excess cash to be used to purchase additional receivables from RCEM, subject to a weighted average portfolio profit rate t...