MARC chief executive officer Mohd Razlan Mohamed (second from right) accepting the Best Islamic Rating Agency Award at the Global Islamic Finance Awards 2017. The award was presented by Edbiz Consulting Ltd chairman and president Professor Humayon Dar (second from left). (Pic by MARC)

KUALA LUMPUR: Malaysian Rating Corporation Bhd (MARC) was named Best Islamic Rating Agency Award at the seventh Global Islamic Finance Awards (GIFA).

The annual award recognises and celebrates the contributions of institutions and individuals to the development of Islamic banking and finance.

This year, the awards were presented at a well-attended award ceremony held at the Kazakhstan capital city of Astana.

“MARC is deeply honoured to be named the Best Islamic Rating Agency in 2017 by GIFA.

“It is a great privilege to be recognised alongside institutions which have set the bar in Islamic finance,” said MARC CEO Mohd Razlan Mohamed.

This is the third time and second year in a row MARC received the honour.

“The common denominator of these awards is our longstanding commitment to keep pace with market innovation in Islamic finance and provide robust credit analyses,” said Razlan.

Malaysia is widely recognised as a leader on the forefront of many of the global Islamic financial services industry’s pioneering and innovative achievements.

The domestic sukuk market has lead in developing and innovating new Islamic securities structures and in pioneering the Islamic capital market since 2000.

Sukuk is an important source of financing for domestic infrastructure development, project financing, corporate general purpose needs and bank capital.

As at end-2016, total sukuk outstanding accounted for a significant 74 per cent of the total domestic corporate bonds and sukuk outstanding.

Since inception to end-July 2017, MARC has assigned a total of 408 ratings amounting to RM337 billion on a wide range of sukuk issued by both domestic and foreign entities.

It also rated the largest offering of project sukuk for the year, the RM3.64 billion multi-tranche Sukuk Wakalah by Lebuhraya DUKE Fasa 3 Sdn Bhd.

 

159 reads