RAM Ratings has upgraded Zamarad Assets Berhad's Tranche 6 Class B sukuk to AAA from AA2, and affirmed the ratings of all rated classes under Tranche 4 and 7 sukuk as well as Al Dzahab Assets Berhad's Tranche 6 sukuk. Concurrently, the rating outlook on Zamarad's Tranche 7 Class B sukuk has been revised to positive from stable (see table). 

Sukuk Murabahah               Outstanding Amount^ (RM mil)                 OC Ratio^ (%)                  Rating/ Outlook        Rating Action
Zamarad Tranche 4
Class A                               25.0                                   293.0                            AAA/Stable                   Affirmed
Class B                               25.0                                    96.5                            AAA/Stable                   Affirmed
Total rated                       50.0 
Zamarad Tranche 6
Class A                               40.0                                    162.7                    AAA/Stable                   Affirmed
Class B                               20.0                                    75.1                            AAA/Stable         Upgraded from AA2/Positive 
Total rated                       60.0 
Zamarad Tranche 7
Class A                               90.0                                    136.8                     AAA/Stable                   Affirmed
Class B                               40.0                                    63.9                            AA2/Positive        Affirmed/ Revised from Stable
Total rated                      130.0 
Al Dzahab Tranche 6
Class A                              80.0                                     58.1                    AAA/Stable                   Affirmed
Class B                              20.0                                     26.5                    AA2/Stable                   Affirmed
Total rated                      100.0 
OC = overcollateralisation (with cash)
^ As at 31 December 2025

Al Dzahab and Za