Malaysian Rating Corporation Berhad (MARC) received the Best Islamic Rating Agency Award at the 10th Global Islamic Finance Awards (GIFA) on September 14, 2020. This annual global awards honours the institutions and individuals that have made significant contribution to the development of Islamic banking and finance. The 10th GIFA was held in Islamabad, Pakistan with the physical ceremony attended by heads of states and governments as well as Islamic bankers and regulators. Unfortunately, MARC was unable to attend this year's awards ceremony due to restrictions brought on by the COVID-19 pandemic.
"We are truly honoured, and at the same time, humbled by this recognition from Global Islamic Finance Awards (GIFA)," said MARC Group CEO Datuk Jamaludin Nasir. "This accolade underscores our role as a leader in the sukuk rating space, and will spur us to further strengthen our commitment towards ensuring the sustainability of Islamic capital markets. The award also recognises MARC's efforts to support the development of Islamic finance in Malaysia," he elaborated.
MARC has assumed an active role in the expansion of the domestic sukuk market, which remains an important source of financing for domestic infrastructure development, project financing, corporates and bank capital. Noteworthy sukuk issuances rated by MARC last year include a RM10.0 billion Sukuk Programme issued by a domestic property conglomerate, a RM3.5 billion Islamic Medium-Term Notes Programme issued by a key automotive and logistics player, and a RM1.0 billion Islamic Medium-Term Notes Programme issued by a key domestic port operator.
Islamic finance continues to thrive despite global headwinds, with total outstanding global sukuk increasing to RM2.80 trillion as at end-August 2020 from RM2.40 trillion for the same period last year. Domestically, outstanding Malaysian sukuk increased 5.4% to RM954.6 billion during the same period. In view of this, MARC remains committed towards cementing our role as an intermediary in the Islamic capital markets.
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