[RAM] Zamarad fully redeems Tranche 2 Sukuk; AAA rating withdrawn

RAM Ratings has received confirmation from Zamarad Assets Berhad that it fully redeemed its outstanding Tranche 2 RM20 mil Class A and RM20 mil Class B Sukuk on 24 July 2026. The Class B Sukuk was redeemed on its expected maturity date, ahead of its legal maturity date of 26 January 2028. Following the redemption, we have accordingly withdrawn the AAA/Stable ratings of the Class A and Class B Sukuk and no longer have any rating obligation in respect of these instruments. The ratings were last published on 17 November 2025 (click here).

We will continue to provide rating coverage on the remaining outstanding tranches, Tranches 3 to 11, under Zamarad’s RM2.0 bil Sukuk Murabahah Asset-Backed Securitisation Programme. The transaction is backed by the securitisation of personal financing facilities extended to civil servants and originated through the business partners of RCE Marketing Sdn Bhd, a wholly owned subsidiary of RCE Capital Berhad.


Analytical contacts
Tan Yan Choong
(603) 2708 8256
yanchoong@ram.com.my

Lim Chern Yit
(603) 2708 8302
chernyit@ram.com.my

Media contact
Sakinah Arifin
(603) 2708 8212
sakinah@ram.com.my