[RAM] Khazanah secures approvals to issue tokenised sukuk; rating impact neutral to Danum's Sukuk programme

Khazanah Nasional Berhad has revised the RM20.0 bil Islamic Medium-Term Notes Programme (2019/2069) of its funding conduit, Danum Capital Berhad – last rated AAA(s)/Stable on 14 November 2025 – to allow the issuance of sukuk in tokenised form, following approvals from sukukholders on 13 March 2026.

Under the revised programme terms, the tokenised sukuk will be issued as a digital representation of the underlying sukuk (digital twin), alongside the existing global or definitive certificates. The revision facilitates Malaysia’s first on-shore and Khazanah’s inaugural issuance of a one-year, RM100 mil tokenised sukuk, which is expected to serve as a pilot transaction and potential reference point for tokenisation within Malaysia’s regulated capital market.

RAM considers the revision to programme terms credit-neutral as Khazanah remains the ultimate obligor to the underlying Sukuk and its digital twin, and there is no change to legal enforceability. Trading, clearing and settlement will continue via RENTAS (Real-time Electronic Transfer of Funds and Securities) and Bank Negara Malaysia’s FAST system. Tokenisation is intended to enhance operational efficiency across issuance, settlement and record-keeping.

The initiative expands Malaysia’s Islamic digital finance landscape, which is currently centered on digital currencies and tokens, and could set a precedent for retail sukuk tokenisation by introducing features such as fractional ownership, enhanced transparency and more efficient record-keeping, potentially making these instruments more accessible to a wider investor base. As regulatory frameworks evolve, the pilot also lays the foundation for the eventual development of fully native on-chain sukuk, in line with Malaysia’s broader efforts to modernise financial markets under the Capital Market Masterplan 4. At the same time, it supports the orderly advancement of digital innovation in the domestic capital market while safeguarding financial stability and market confidence.


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L Nurisya Abdullah
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Tan Han Nee
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