[RAM] RAM Ratings monitoring AmanahRaya's Zetrix exposure for potential liquidity implications

RAM Ratings is currently assessing the developments and implications involving Zetrix AI Berhad (Zetrix) on Amanah Raya Berhad (ARB or the Group) and Abraj Sdn Bhd’s (Abraj) AAA(s)/Stable-rated RM3 bil Islamic Medium-Term Notes (IMTN) Programme (2025/2055), which is guaranteed by ARB. ARB is exposed to Zetrix through funds and mandates managed by its subsidiary, AmanahRaya Investment Management Sdn Bhd (ARIM). Abraj, ARB’s wholly owned funding conduit, partly funds the latter’s Kumpulan Wang Bersama (Common Fund). The rating therefore hinges on ARB’s capacity to meet its obligations and our assessment of extraordinary government support. We are also monitoring potential implications on stakeholder confidence, Common Fund withdrawals and ARB’s liquidity requirements.

These developments do not currently alter our assessment of the ‘almost certain’ likelihood of extraordinary government support for ARB, a key driver of Abraj’s IMTN rating. The government’s letter of support assures ARB’s continued operation and fulfilment of its fiduciary duties. ARB has also indicated that the Government remains willing to support its principal-protected Common Fund obligations if needed. Nevertheless, we continue to assess the underlying investment and liquidity risks and the availability of timely government support.

As at 30 September 2026, Zetrix sukuk holdings across the identified ARIM-managed funds and mandates totaled RM527.25 mil, or 10.48% of ARIM’s RM5.03 bil combined assets under management. The Common Fund’s direct exposure was substantially lower at RM77.05 mil, or 1.19% of its RM6.47 bil fund size. Despite this limited direct exposure, wider confidence-related withdrawals or additional financial and liquidity demands could affect ARB.

Zetrix-related credit concerns and redemption pressure have heightened concentration, liquidity and valuation risks at the affected funds. ARIM suspended subscriptions, redemptions and switching in three funds for up to 21 days from 13 October 2026 after significant redemption pressure and difficulties realising certain investments. The suspension allows ARIM to assess liquidity and valuations while limiting distressed asset sales. ARIM has also placed Zetrix on its internal watchlist, conducted further credit assessments and engaged the issuer. These measures do not eliminate potential investment losses or renewed withdrawals when dealing resumes; prolonged restrictions or further investment deterioration could weaken confidence in ARIM and the Group.

Management expects the affected funds to address their financial and liquidity pressures primarily within their own structures and resources. Notwithstanding  that not all ARIM-managed exposures are obligations of ARB or the Common Fund, any heightened support from ARB could, however, place additional demands on the Group. Management has indicated that liquidity buffers are sufficient to meet RM1.18 bil of scheduled Common Fund redemptions between October 2026 and March 2027.

We will assess these buffers and available support against potentially larger-than-expected investment deterioration, confidence-related withdrawals and other liquidity needs of the affected funds and ARB’s capacity to meet its obligations, including its guarantee of Abraj’s programme. The rating or outlook could come under pressure if ARB’s liquidity weakens materially without adequate offsetting support, including by the government. Our monitoring will focus on investment recoverability and valuations, ARIM’s remedial actions, Common Fund withdrawals and rollovers, liquid-asset availability, and the extent and timeliness of any required support. RAM Ratings is currently conducting the annual review of Abraj’s IMTN programme and expects to conclude it within the next two months.


Analytical contacts
Zahra Zarir
(603) 2708 8243
zahra@ram.com.my

Tan Han Nee
(603) 2708 8322
hannee@ram.com.my

Media contact
Sakinah Arifin
(603) 3385 2500
sakinah@ram.com.my