RAM Ratings (RAM) has reaffirmed the respective ratings of Quill Retail Malls’ (QRM) MYR 350 million Sukuk Murabahah. In its latest review, RAM has reaffirmed the AA1 rating of Series A, AA3 rating of Series B and A2 rating of Series C and D of QRM’s Sukuk Murabahah program with a negative outlook. According to the IslamicMarkets Sukuk Monitor, the MYR 350 million Sukuk was issued on the 31st of March 2017 under four different series carrying profit rates between 5.25% and 6.00%, maturing on the 29th of March 2024. Meanw...

Based on official information from the Indonesia Stock Exchange (IDX), PT Pegadaian has officially listed IDR 2 trillion worth of debt securities on the IDX. The securities comprise Pegadaian’s Phase II Sustainable Bonds 2020 (Phase II Bonds) worth IDR 1.5 trillion and the Pegadaian I Phase II Yearly Sustainable Mudarabah Bonds (Phase II Sukuk) valued at IDR 500 billion. Bank Mega has been appointed as the Trustee for the issuance, whilst the ratings for the issuances by Pemeringkat Efek Indonesia (Pefindo) are AA...

Indonesia is pushing ahead with a data protection law following a series of high-profile data breaches in recent months at some of its biggest e-commerce companies. The legislation, which is due by the end of 2020 is expected to prohibit the collection of consumer data without consent and requires businesses to inform customers within days of knowing that their personal details have been accessed by third parties. According to Indonesia's State Cyber and Crypto Agency (BSSN), the country has experienced over 98 million cyber-attacks in 2019, compared to 12 million reported in...

The Securities Commission Malaysia (SCM) has issued a public warning urging the general public of Malaysia to avoid the use of digital currency automated teller machines (ATMs), following reports of a series of money-laundering incidents and scams involving such ATMs. The SCM informed the public that companies operating such ATMs need to be authorized by the SCM to operate a digital asset exchange. According to local media reports, none of the digital ATMs operating in Malaysia have been approved by the SCM, whilst penalties fo...

According to official records, the Government of the Jammu and Kashmir Union Territory (J&K UT) has decided to pursue the request sent to the Central Government of India for specific amendments to the Central Waqf Act. The Jammu & Kashmir (J&K) Administration, which was an Indian State until October 2019, had previously suggested changes to the Central Waqf Act prior to the creation of the Waqf Board of J&K UT. According to local media reports, the Central Government of India is authorized to make changes in central laws as well as laws of state protected by th...

Following heavier impairments reported in the first quarter of 2020, domestic banks in Malaysia are allocating higher provisioning amidst the volatile environment caused by COVID-19. According to RAM Ratings (RAM), the domestic banks are preparing for a possible increase in loan delinquencies, following the expiry of the six-month moratorium period on individual and Small Medium Enterprises (SME) loans. According to Wong Yin Ching, RAM’s Co-Head of Financial Institution Ratings, asset quality within the domestic banking system remains robust, with a gross impaired loan rati...

Indonesia’s Finance Minister, Sri Mulyani Indrawati, stated that the country could enter into a recession in the third quarter of 2020, with the Government of Indonesia taking steps to stimulate spending to support the economic impact imposed by COVID-19. The Government has received criticism from the President of Indonesia, Jokowi Widodo, as well as from businesses and health communities, regarding the slow distribution of stimulus funds, with Indrawati citing several administrative issues as the reason behind the slow disbursement. Data from the Ministry of...

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HSBC Amanah Malaysia (HSBC Amanah) has had its ratings reaffirmed by RAM Ratings (RAM) at AAA/Stable/P1. In addition, RAM has also reaffirmed the AAA/Stable rating on HSBC Amanah’s MYR 3 billion multicurrency Sukuk issuance (2012/2032).   The ratings reaffirmation is based on HSBC Amanah’s strategic position as the Islamic Banking arm of HSBC Bank Malaysia (which is rated AAA/Stable/P1), and also HSBC Amanah’s role as one of HSBC Holdings’ two global Islamic banking hubs.  RAM ...

Bank AlJazira (BAJ)’s Long-Term Issuer Default Rating (IDR) has been affirmed at BBB+ by Fitch Ratings (Fitch), along with the Support Rating Floor (SRF). Fitch has also maintained BAJ’s Viability Rating (VR) on Rating Watch Negative (RWN).  According to Fitch, the IDR’s rating is driven by its SRF, whilst the Stable Outlook on the IDR is in line with Saudi Arabia’s sovereign rating, given that the high likelihood of sovereign support drives the IDR. BAJ’s Support Rating and SRF also follow this view of garnering supp...