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RAM Ratings: Malaysia remained leader of global sukuk market in 2018

Published on 19 Feb 2019.

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The volume of global sukuk issuance in 2018 exceeded RAM Ratings’ projection of USD75 bil-USD85 bil, coming in at USD94.4 bil for the year. This was bolstered by the UAE’s stronger growth (from USD3.6 bil in 2017 to USD9.1 bil in 2018), followed by Kuwait (from USD750 mil to USD3.6 bil), Turkey (from USD2.2 bil to USD3.9 bil), Bangladesh (from USD63.2 mil to USD1.1 bil) and Indonesia (from USD14.9 bil to USD15.5 bil). Notably, Malaysia maintained its leadership with USD32.8 bil of global sukuk issuance while Saudi Arabia (USD21.4 bil) and Indonesia (USD15.5 bil) ranked a respective second and third.

The latest edition of RAM’s Sukuk Snapshot highlights that a total of RM57.7 bil of domestic sukuk was issued in 4Q 2018, leading to RM199.6 bil for the entire year. The financial services and infrastructure & utilities sectors were again the chief driving forces of the better showing, which topped RAM’s full-year projection of RM100 bil–RM120 bil for the local-currency market. In addition, the value of outstanding sukuk had increased to RM844.1 bil as at end-2018 (end-2017: RM760.0 bil), accounting for 60.0% of the overall Malaysian market’s outstanding debt securities. 

The Sukuk Snapshot is designed as a quick reference point for sukuk data and trends. This publication aims to serve the needs of market practitioners, enabling them to monitor global and Malaysian sukuk market developments. Subscribers can retrieve the Sukuk Snapshot via our website, www.ram.com.my. Non-subscribers may purchase the report at RM530 (inclusive of GST) per copy.

 

Analytical contact
Irfan Afifah Mohd Zaki
(603) 7628 1196
irfan@ram.com.my

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(603) 7628 1162
padthma@ram.com.my

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The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations.

RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications.

Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.

Published by RAM Rating Services Berhad
© Copyright 2019 by RAM Rating Services Berhad



Publication Date Published Category
Sukuk Snapshot February 2019 19-Feb-2019 Sukuk Snapshot View PDF

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