Find A Rating 
PRESS RELEASES
Zamarad fully redeems Tranche 1 Sukuk
Published on 31 Mar 2026.
RAM Ratings has received confirmation that Zamarad Assets Berhad fully redeemed its outstanding Tranche 1 RM50 mil Class A and RM45 mil Class B Sukuk on 27 March 2026. Class B was redeemed on the expected maturity date and ahead of the legal maturity date of 27 September 2027. We have accordingly withdrawn the AAA/Stable ratings of Classes A and B and no longer have any rating obligation in respect of the said sukuk. The ratings were published on 22 May 2025 (click here).
We will continue to provide coverage of the remaining outstanding tranches (Tranche 2 to 11) under Zamarad’s RM2.0 bil Sukuk Murabahah Asset-Backed Securitisation Programme. The transaction involves the securitisation of personal financing facilities extended to civil servants, originated through the business partners of RCE Marketing Sdn Bhd, a wholly owned subsidiary of RCE Capital Berhad.
Analytical contacts
Darrel Tiang
(603) 2708 8219
sean@ram.com.my
Lim Chern Yit
(603) 2708 8302
chernyit@ram.com.my
Media contact
Sakinah Arifin
(603) 2708 8212
sakinah@ram.com.my
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 2026 by RAM Rating Services Berhad
