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Khazanah launches Malaysia’s first tokenised sukuk in RM100mil pilot with SC
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Khazanah Nasional managing director Datuk Amirul Feisal Wan Zahir
In a statement, SC said the issuance forms part of the Sukuk Danum Programme. This is an Islamic Medium-Term Notes (IMTN) programme of up to RM20bil in nominal value, with a one-year tenure for this inaugural tranche, structured based on the Shariah principle of Wakalah bi al-Istithmar.
A tokenised bond (or sukuk) refers to a digital representation of the capital market product. This involves the adoption of Distributed Ledger Technology (DLT) to create the product in digital form, typically as a token. Tokenisation enables the creation of a digital record or “digital twin” of the capital market product that is cryptographically secure and immutable.
The SC added that by merging shariah-compliant assets with DLT, this initiative aims to enhance accessibility, efficiency and transparency within the capital market, allowing 24/7 access to information to relevant stakeholders. It also noted the modernisation of the sukuk issuance process reinforces Malaysia’s leadership in Islamic finance innovation and sets a new digital benchmark for the domestic capital market.
SC chairman Datuk Mohammad Faiz Azmi said the pilot reflects the direction set under the Capital Market Masterplan 2026-2030 to further strengthen Malaysia’s bond and sukuk market through innovation, enhanced market connectivity and improved execution efficiency.
“Tokenisation offers potential to improve transparency, broaden participation and support a more vibrant market, and initiatives such as this allow us to test those possibilities in a controlled and credible manner. By working closely with market participants, we are building the regulatory and market foundation for the next phase of development in Malaysia’s capital market,” he said.
Meanwhile, Khazanah Nasional managing director Datuk Amirul Feisal Wan Zahir said the pilot represents an important step in building the capabilities, confidence and ecosystem required for a more digitally enabled future. Amirul added that it also helps to ensure that innovation is anchored in strong governance, aligned with existing frameworks, and ultimately delivers long-term value to the nation.
“As Malaysia’s sovereign wealth fund, Khazanah’s role is not only to generate returns, but also to support the development of the domestic capital market. This tokenised sukuk, in collaboration with the SC, reflects that role by taking a practical step towards exploring how digital technology can improve how we issue and manage capital market instruments.”
“With Khazanah’s position in the market and the SC’s regulatory leadership, we are able to test this in a controlled and credible manner. This is not about introducing a new product for its own sake, but about building the foundations for a more efficient and transparent market over time,” he said.
The SC said from a regulatory perspective, this initiative was executed as part of its pilot programme to facilitate market innovation through a collaborative approach.
“This structured approach ensures that the integration of emerging technologies remains consistent with market integrity and investor protection while providing the broader industry with a functional template. This lowers the technical and regulatory barriers for future corporate issuers,” it said.
Further, it was noted that the pilot brought together key financial institutions such as CIMB Group and Maybank, alongside investors including Credit Guarantee Corporation Malaysia Bhd, Kumpulan Wang Persaraan (Diperbadankan), OCBC Bank (Malaysia) Bhd, and other institutional participants.
“Through this joint effort, participants collaborated across the issuance value chain to align operational and technical workflows, while deepening market familiarity with tokenised instruments.
“Beyond its immediate success, this initiative validates the viability of sovereign-backed tokenised Sukuk, setting the stage for future phases that will continue to modernise Malaysia's capital markets,” the SC said.
Disclaimer
The information provided in this report is of a general nature and has been prepared for information purposes only. It is not intended to constitute research or as advice for any investor. The information in this report is not and should not be construed or considered as an offer, recommendation or solicitation for investments. Investors are advised to make their own independent evaluation of the information contained in this report, consider their own individual investment objectives, financial situation and particular needs and should seek appropriate personalised financial advice from a qualified professional to suit individual circumstances and risk profile. The information contained in this report is prepared from data believed to be correct and reliable at the time of issuance of this report. While every effort is made to ensure the information is up-to-date and correct, Bond and Sukuk Information Platform Sdn Bhd (“the Company”) does not make any guarantee, representation or warranty, express or implied, as to the adequacy, accuracy, completeness, reliability or fairness of any such information contained in this report and accordingly, neither the Company nor any of its affiliates nor its related persons shall not be liable in any manner whatsoever for any consequences (including but not limited to any direct, indirect or consequential losses, loss of profits and damages) of any reliance thereon or usage thereof.
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