Malaysian Rating Corporation Berhad (MARC) was named the Best Islamic Rating Agency 2016 in the Global Islamic Finance Awards (GIFA), held in Jakarta on September 29, 2016. The prestigious GIFA Awards, now in their sixth year, celebrate the contributions of institutions and individuals towards the development of the Islamic banking and finance industry.
MARC Chief Executive Officer Mohd Razlan Mohamed said at the GIFA awards ceremony: “It is a great honour to be recognised again by GIFA for the quality of MARC’s credit ratings and research. The willingness to go the distance in providing analytical insight has been hard-wired into our corporate DNA and so we are truly thankful to be recognised alongside esteemed institutions and individuals for just doing what we believe in.” This is the second time MARC has received the accolade; the rating agency was also represented at the awards ceremony of the fourth GIFA in Dubai in 2014.
Malaysia is the largest sukuk market in the world, accounting for US$207 billion (52%) of the US$399 billion total outstanding sukuk issued globally as at August 2016. As Malaysia continues to be an important centre for innovation and thought leadership in Islamic finance, MARC intends to proactively support Islamic finance by developing rating methodologies that set new standards in transparency and providing credit rating opinions and research that offer actionable insight into risks. Since inception to end-August 2016, MARC completed a total of 398 ratings amounting to RM326 billion on a wide range of Shariah-compliant issuances by both domestic and foreign companies in the ringgit-denominated sukuk market.
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