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RAM Ratings assigns preliminary ratings to Tranche 7 Sukuk to be issued by RCE Marketing financing vehicle Al Dzahab
Published on 02 Oct 2026.
RAM Ratings has assigned preliminary AAA/Stable and AA2/Stable ratings to the Tranche 7 RM125.0 mil Class A and RM25.0 mil Class B Sukuk (the Sukuk) to be issued under Al Dzahab Assets Berhad’s (the Issuer) RM900.0 mil Sukuk Murabahah Programme.
The Sukuk, the seventh issuance under the programme sponsored by RCE Marketing Sdn Bhd (RCEM), is backed by personal financing (PF) facilities extended to civil servants through RCEM’s business partner. Repayments are made by way of non-discretionary salary deductions administered by Biro Perkhidmatan ANGKASA, supporting the credit quality of the underlying receivables.
Like Tranche 6, Tranche 7 incorporates a Revolving Option (RO) allowing excess cash flow to be used to purchase additional receivables from RCEM, subject to specified conditions. While our assessment assumes the RO will not be exercised, any exercise of the option is contingent on rating agency confirmation that the transaction’s credit profile is not adversely affected.
As at 30 June 2026, the provisional portfolio comprised PF receivables with an outstanding RM178.88 mil principal balance, complemented by a prefunded cash reserve of RM3.60 mil. This provides overcollateralisation of 43.10% and 19.25% for the Class A and B Sukuk, respectively, which RAM considers commensurate with its AAA and AA2 stress scenarios.
We have maintained our base-case loss assumptions in our rating assessment following a review of RCEM's receivables originated between April 2021 and June 2026, which indicated broadly stable default and prepayment trends relative to RAM’s 2021 base case loss assumptions. Despite a temporary rise in defaults linked to policy-driven bankruptcies and increased early retirements among some civil service segments, overall performance remained within expectations. Similar trends were observed across the securitised portfolios backing sukuk programmes under both Al Dzahab and Zamarad, another RCEM financing vehicle, which continued to outperform more recent vintages.
RAM continues to view RCEM’s servicing capabilities as satisfactory. Since reassuming servicing responsibilities in December 2025, it has performed in accordance with transaction requirements, supported by an established track record in originating and servicing PF facilities extended to civil servants. RCEM will serve as the Servicer for Tranche 7, consistent with other transactions under both the Al Dzahab and Zamarad programmes.
The preliminary ratings are based on information received up to 16 September 2026 and remain subject to our satisfactory review of final transaction documents and portfolio composition.
Analytical contacts
Tan Yan Choong
(603) 2708 8256
yanchoong@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
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