Malaysian Rating Corporation Berhad (MARC) entered into a Memorandum of Understanding (MoU) with Hazana Maldives Limited (Hazana) today to provide technical assistance in the areas of credit risk and Islamic finance. Hazana, a Maldives government company specialising in Islamic investment and finance, manages the commercial assets of the government and holds its strategic investments.
The MoU was signed by Mohd Razlan Mohamed, Chief Executive Officer of MARC, and Aminath Sharahath, Managing Director of Hazana. The MoU paves the way for a potential collaboration and assistance by MARC in the strengthening of the credit rating landscape and in the setup of a new credit rating agency in Maldives. “The strategic partnership between MARC and Hazana will pave the way for the sharing of MARC’s knowledge in credit risk and Islamic finance for Hazana’s business and the eventual development of a vibrant Islamic capital market in Maldives,” said Razlan. Hazana’s investment funds are fully Shariah-compliant, with a mandate to drive the strategic industry and economic growth of Maldives.