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RAM Ratings assigns AAA/Stable rating to HSBC Amanah’s proposed RM20 bil Multi-Currency Sukuk Programme; affirms existing ratings
Published on 05 Aug 2026.
RAM Ratings has assigned a AAA/Stable rating to HSBC Amanah Malaysia Berhad’s (HSBC Amanah or the Bank) proposed RM20 bil Multi-Currency Sukuk Programme (2026/-). The rating is equated with the Bank’s long-term financial institution rating (FIR), reflecting the sukuk’ status as a senior obligation of the Bank and the expectations that sukukholders will rank pari passu with the Bank’s other senior creditors.
Concurrently, we have affirmed HSBC Amanah AAA/Stable/P1 FIR and the AAA/Stable rating of its existing RM3.0 bil Multi-Currency Sukuk Programme (2012/2032). The affirmations reflect HSBC Amanah’s strategic role as the Islamic banking arm of HSBC Bank Malaysia Berhad (HSBC Malaysia or the Group), as well as the Bank’s close operational and strategic integration with the Group. In our view, HSBC Malaysia’s extraordinary financial support is expected to be ‘almost certain’, if required.
HSBC Amanah remains a meaningful contributor to the Group, accounting for 24% of the Group’s pre-tax profit and 23% total assets in FY Dec 2025. Over the past three years, the Bank maintained strong profitability with average return on assets and risk-weighted assets of 2.3% and 3.4%, respectively. As at end-March 2026, asset quality indicators also improved markedly, with the gross impaired financing ratio declining to 1.9% from 3.5% at end-December 2024, while impairment coverage (including regulatory reserves) increased to 118.3% from 65.4%. The improvement was largely attributable to the reclassification of a substantial portion of impaired financing to performing status after the required curing period. The Bank’s common equity tier-1 capital ratio remained robust at 18.1% as at end-March 2026.
Analytical contacts
Amira Shamsul, CFA
(603) 2708 8242
syahira@ram.com.my
Sophia Lee
(603) 2708 8211
sophia@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.
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Published by RAM Rating Services Berhad
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