RAM Assigns Preliminary Ratings to RCEM’s Zamarad Assets’ Tranche 5 Sukuk Totalling MYR 100 Million

RAM Ratings (RAM) has assigned preliminary ratings of Zamarad Assets’ (Zamarad) Tranche 5 MYR 85 million Class A Sukuk as AAA/Stable, and MYR 15 million Class B Sukuk as AA2/Stable. The Tranche 5 Sukuk, with a combined offering of MYR 100 million, is the fifth issuance under Zamarad’s MYR 2 billion Sukuk Murabahah Programme.

Zamarad is a special-purpose vehicle that undertakes securitisation of personal financing facilities from business partners of RCE Marketing (RCEM), which is a Malaysian financing services company. According to RAM, the Tranche 5 Sukuk, like previous issuances under the Sukuk Murabahah Programme, is backed by a discrete portfolio of personal financing receivables from civil servants, whic...