RAM Ratings has assigned a final AA2/Stable rating to the RM500 mil Tranche 1 Structured Covered Sukuk (Tranche 1 Sukuk) to be issued under Himayah Sukuk Berhad's (the Issuer) RM5.0 bil Structured Covered Sukuk Wakalah Programme. Himayah Sukuk, a wholly owned subsidiary of Koperasi Co-opbank Pertama Malaysia Berhad (CBP - rated A3/Stable/P2 by RAM, click here for more), was established to facilitate the issuance. CBP, Malaysia's second-largest cooperative bank, is the transaction obligor, servicer and administrator. 

The transaction is the first structured covered sukuk issuance by a cooperative bank and only the second of its kind in Malaysia, broadening funding diversification options within the domestic capital market. The sukuk offers sukukholders dual recourse, first to CBP and, upon default by the obligor, to a portfolio of eligible salary-deducted personal financing receivables through a guarantee from Iltizam Aset Berhad, the Kafalah Provider. The Kafalah Provider is a special-purpose vehicle held in trust by CBP as the share trustee, to guarantee the Issuer's obligations under the Structured Covered Sukuk. 

We have reviewed final documentation for the Tranche 1 Sukuk and are satisfied that the final transaction terms are consistent with those that form the basis of the preliminary rating assigned earlier (click here). The final rating takes into account the final financing portfolio at closing, available credit enhancement, transaction tenure, profit rates, and legal and tax considerations. Please refer to the final rating rationale for details.  


Analytical contacts
Liew Kar Ling
(603) 2708 8216
[email protected]
  
Lim Chern Yit
(603) 2708 8302
[email protected]

Media contact
Sakinah Arifin
(603) 2708 8212
[email protected]

Date of release: 14 August 2026


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