Cagamas Berhad (Cagamas), Malaysia’s national mortgage corporation, was recently accorded three prestigious awards for deals undertaken in the area of Islamic Finance.
Cagamas was awarded the International Financing Review (IFR) Asia Awards 2010 Islamic Deal of the Year and the Islamic Finance News (IFN) Deals of the Year 2010 Country Deals of the Year awards for its RM1.0 billion Sukuk al-Amanah Li al-Istithmar (Sukuk ALIm). The innovative Sukuk ALIm is hailed as a catalyst for more products that can meet the demand of global Islamic finance participants.
Cagamas also clinched the IFN Deals of the Year 2010 Tawarruq Deal of the Year for its RM230 million Variable Rate Sukuk Commodity Murabahah (SCM). At the time of issue, the Sukuk represented the largest ever transferable and tradable variable rate Sukuk issuance by a corporate in the Ringgit market.
The IFN Deals of the Year Award honours achievements in the Islamic financial industry. The IFR Asia Awards represents the key industry benchmark of global capital markets excellence. Winners are selected by IFR's independent global team of expert reporters and analysts.
About Cagamas
Cagamas Berhad (Cagamas), the National Mortgage Corporation, was established in 1986 to promote the broader spread of house ownership and growth of the secondary mortgage market in Malaysia. It issues debt securities to finance the purchase of housing loans from financial institutions and non-financial institutions. The provision of liquidity to financial institutions at a reasonable cost to the primary lenders of housing loans encourages further expansion of financing for houses at an affordable cost.
The Cagamas model is well regarded by the World Bank as a successful secondary mortgage liquidity facility. Cagamas is the leading issuer of AAA debt securities in Malaysia as well as one of the top Sukuk issuers in the world. Since incorporation in 1986, Cagamas has cumulatively issued RM247.74 billion of conventional and Islamic debt securities.
Cagamas’ debt securities continue to be assigned the highest ratings of AAA and P1 by RAM Rating Services Berhad and AAA/AAAID and MARC-1/MARC-1ID by Malaysian Rating Corporation Berhad, denoting its strong credit quality.
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