RAM Ratings honours industry excellence within financial institutions and issuers at the 23rd RAM League Awards

Published on 13 Feb 2026.

Share Tweet Email

 

RAM Rating Services Berhad (RAM Ratings) hosted the annual RAM League Awards on 11 February 2026 to celebrate top financial institutions (FIs) and notable issuers in Malaysia’s corporate bond and sukuk market in 2025. In another strong year for the domestic debt capital market, RAM Ratings rated 17 new corporate long-term bond and sukuk issues, aggregating RM59.5 bil, out of a total 26 rated issuances amounting to RM67.7 bil.

The event at Sage Restaurant & Wine Bar, The Gardens Mall, Kuala Lumpur saw 26 awards presented to FIs across four categories. CIMB Investment Bank Berhad and Maybank Investment Bank Berhad dominated, securing top spots in all four categories. CIMB came in first in three categories and second in one while Maybank secured two first place wins in addition to second and third place recognitions. OCBC Al-Amin Bank Berhad also garnered three awards.

Nine new RAM-rated issuers received RAM Blueprint Awards which recognise landmark bond and sukuk transactions demonstrating innovation, complexity and market significance. The recipients are:

• ALSREIT Capital Sdn Bhd
  Special-Purpose Vehicle of Al-Salam REIT

Al Salam REIT demonstrated leadership in capital structure innovation by becoming one of only two REITs in Malaysia to issue a subordinated perpetual sukuk. The Guaranteed Senior Sukuk was close to five times oversubscribed.

• Great Eastern Life Assurance (Malaysia) Berhad

The largest player in Malaysia’s life insurance sector, Great Eastern made its inaugural issuance, reflecting strong market confidence and setting a precedent for industry players.

• Heliosel Sdn Bhd

First state-owned captive water utility green energy developer to access the sukuk market, indicating growing confidence in renewable energy initiatives within the public sector.

• Kimanis Power Sdn Bhd

First independent power producer to issue a sukuk qualifying for extraordinary sponsor support under RAM Ratings’ enhanced criteria for project finance transactions.

• Pantai Holdings Sdn Bhd

Pantai Holdings’ RM4.0 bil initial issuance underscores confidence in the IHH Healthcare Group, one of the world’s largest private healthcare providers.

• Perbadanan Bekalan Air Pulau Pinang Sdn Bhd

First Penang state-linked agency to establish both a sukuk programme and a sustainable finance framework, setting a strong benchmark for public sector issuers.

• Syarikat Takaful Malaysia Keluarga Berhad

First sukuk issuance by a takaful operator in Malaysia which has grown in strength to gain market confidence, further broadening the depth of the Islamic capital market.

• TY Consolidated Capital Berhad
  Special-Purpose Vehicle of Ta Yoong Sdn Bhd        

First-of-its-kind transaction in Asia, securitising pawnbroking receivables through a unique revolving structure that aligns with the short-term nature of pawn loans. The transaction marks an important milestone in deepening Malaysia’s capital market sophistication and positioning pawnbroking as a viable institutional-grade asset class.

• Qualitas Sukuk Berhad
  Special-Purpose Vehicle of Qualitas Medical Limited

First sukuk issuance by a primary healthcare provider, reflecting strong investor interest in the healthcare sector, in which Qualitas has an established presence spanning Malaysia, Australia and Singapore.

This year’s awards also saw recognition for issuers with Second Party Opinions from RAM Sustainability and their lead FIs. Perbadanan Bekalan Air Pulau Pinang received a Gold Sustainability Finance Rating, alongside its lead FIs, Maybank Investment Bank Berhad and United Overseas Bank (Malaysia) Berhad. Heliosel, likewise, received a Gold rating, together with lead FI, Bank Islam Malaysia Berhad.

Beyond the awards, the event provided opportunities for engagement and networking among industry peers, reinforcing long-standing partnerships.

RAM Ratings Chief Executive Officer, Julie Ng, said: "I extend my heartfelt congratulations to all our award recipients for their outstanding achievements and meaningful contributions to Malaysia’s corporate bond and sukuk market. The strong performance in 2025 reflects not only the resilience of our market, but also the dedication and innovative spirit of our issuers, lead arrangers and advisers, for whom the RAM League Awards celebrate. As the industry continues to evolve, we remain a steadfast partner to the market and look forward to recognising and supporting many more landmark transactions in the years ahead."

 

About RAM League Awards
The RAM League Awards (RLA) recognise leading financial institutions (FIs) that made outstanding contributions to the Malaysian bond and sukuk market in a particular year. The RLA acknowledges the work of the most influential and outstanding FIs that are thought leaders, innovators and visionaries in the market.

The RAM League Tables rank FIs by the value and number of deals for all RAM-rated bonds for the year. Credit is given to the entire debt programme regardless of the type of instrument, as long as the debt was issued during the period, either in full or in part. Go to https://www.ram.com.my/ratings/ for further details on the criteria for the RAM League Tables.

 

Media contacts:
Firhan Yasser
+603 2708 8233
firhan@ram.com.my

Athirah Fauzy
+603 2708 8234
nurathirah@ram.com.my

 

About RAM Rating Services Berhad (RAM Ratings)

Established in 1990, RAM Ratings is a leading credit rating agency registered under the Securities Commission’s Guidelines on Registration of Credit Rating Agencies, 2011. In addition to the provision of credit ratings for corporate bonds and sukuk and their issuers, RAM Ratings also provides research and publications on Islamic finance, fixed income and macro-economic and industry analysis as well as data analytics relating to credit risk, counterparty assessments and other related domains. 

Disclaimer

ALL INFORMATION IS PROVIDED “AS IS” WITHOUT WARRANTY OF ANY KIND. Although every reasonable care has been taken to ensure the accuracy, completeness and objectivity of the information contained in this Media Release, RAM Ratings makes no representation or warranty, whether express or implied, as to its accuracy, completeness and objectivity and accepts no responsibility or liability relating to any losses or damages howsoever suffered by any person arising from any reliance on the views expressed or information in this Media Release. RAM Ratings assumes no obligation to update any information or statement contained herein, save for any information required to be disclosed by law.

Published by RAM Rating Services Berhad
© Copyright 2026 by RAM Rating Services Berhad
All rights reserved. This material may not be published, reproduced, broadcast, rewritten or redistributed without prior permission.