TAKAFUL NEWS

• Takaful Capital Protection plan launched
  The third series of Maybank's Takaful Capital Protection (TCP) plan – TCPIII – has been launched by the bank.

• Malaysia hub for HSBC Takaful
  HSBC Amanah Takaful intends to base some of its offshore and international activities in Malaysia, thus using the country as a hub for the group's Takaful business globally.

• Takaful International and Batelco sign agreement
  Takaful International and the Batelco Trade Union have signed an agreement for the provision of insurance services to trade union members.
  
  
• Takaful Malaysia's new Vacation Plan
  Syarikat Takaful Malaysia is expect 50,000 participants for its newly launched product Takaful Vacation Scheme during the festive period.
  
  
• LS Associates sign Takaful Ikhlas MoU
  LS Associates signed a memorandum of understanding with Takaful Ikhlas to provide IKHLAS Motor Takaful cover for clients of its mega auto mart – KARS.

   RATINGS NEWS

• MARC affirms SYABAS's debt securities
  MARC has affirmed the ratings of Syarikat Bekalan Air Selangor (SYABAS)'s RM3 billion (US$816 million) Bai Bithaman Ajil commercial papers/medium-term notes program at MARC-1D/AA-ID with a stable outlook.

• RAM affirms ratings on Focal Quality
  The ratings of the RM190 million (US$51.68 million) Sukuk Ijarah Islamic debt securities of Focal Quality have been affirmed by RAM.

• MARC rates SPLASH
  Syarikat Pengeluar Air Sungai Selangor (SPLASH)'s RM435 million (US$118.32 million), 20-year Islamic notes issuance master program, comprising RM50 million (US$13.6 million) Islamic Murabahah commercial papers and RM385 million (US$104.72 million) Islamic medium-term notes issuance program, has been assigned short-term and long-term ratings of MARC 1ID/AAID. The ratings carry a stable outlook.

• RAM reaffirms LMT's BaIDS
  The enhanced rating of AA3(s) for Lumut Maritime Terminal (LMT)'s RM60 million (US$16.32 million) Bai Bithaman Ajil Islamic Debt Securities (BaIDS) has been reaffirmed by RAM, with a stable outlook.
  

• RAM reaffirms rating of Kesas
  RAM has reaffirmed the ratings of Kesas's RM800 million (US$217.97 million) Bai Bithaman Ajil Islamic Debt Securities at AA3.
  
  
• MARC affirms Harum Intisari ratings
  MARC has affirmed the MARC-1ID (cg)/AA-ID (cg) ratings of Harum Intisari's Murabahah commercial papers and medium-term notes of up to a nominal value of RM300 million (US$81.58 million). They both carry a stable outlook.
  
  
• RAM rates Sabah Development Bank
  The rating of Sabah Development Bank (SDB)'s RM500 million (US$136.18 million) Serial Fixed Rate Bonds has been reaffirmed at AA2, with a stable outlook, by RAM.
  
  
• RAM reaffirms Formis Resources
  RAM has reaffirmed the A2/P2 ratings of Formis Resources' RM80 million (US$21.79 million) Murabahah Underwritten Notes Issuance Facility/Islamic Medium-Term Notes Facility.
  
  
• MARC assigns ratings to KNMC
  MARC has assigned ratings of A+ID/MARC-1 ID to KNM Capital (KNMC)'s proposed RM300 million (US$81.20 million) Murabahah Underwritten Notes Issuance Facility/Islamic Medium-Term Notes, with a positive outlook.
  
  
• MARC affirms Ingress Sukuk ratings
  MARC has affirmed the ratings on Ingress Sukuk's RM160 million (US$43.31 million) Sukuk Ijarah Issuance at A+IS with a stable outlook.
  
  
• Englotechs ratings affirmed
  Englotechs Holdings' RM50 million (US$13.54 million) Murabahah Medium-Term Notes Program has had its rating of AID affirmed by MARC, with a stable outlook.
  
  
• RAM rates PLUS
  Projek Lebuhraya Utara-Selatan (PLUS)'s Sukuk Musharakah has been assigned an AAA rating by RAM. The Sukuk consists of RM2.26 billion (US$611.7 million) nominal value Sukuk Musharakah Series 1; RM2.41 billion (US$652.3 million) nominal value Sukuk Musharakah Series 2; and RM4.5 billion (US$1.23 billion) nominal value Sukuk Musharakah Medium-Term Notes program.
  
  
• Top Glove lifted from MARCWatch
  The MARCWatch on Top Glove Corporation's Islamic debt securities of up to RM100 million (US$27.06 million) Murabahah/Ijarah Commercial Papers Program and up to RM100 million (US$27.06 million) Murabahah/Ijarah Medium-Term Notes (MTN) Program has been lifted.
  
  
• Moody's affirms ratings for SCSI
  Moody's Investors Services has affirmed the BAA1 ratings of Sarawak Corporate Sukuk Inc (SCSI)'s US$350 million Sukuk Trust Certificates, due in 2009.
  
  
• MARCWatch maintained
  MARC has maintained the ratings of Peremba Jaya Holdings' RM200 million (US$54.16 million) Murabahah underwritten notes issuance facility/Murabahah medium-term notes on MARCWatch with a negative outlook.
  
  
• Tracoma on rating watch
  Tracoma Holdings's RM100 million (US$27.12 million) Bai Bithaman Ajil Islamic Debt Securities (BaIDS) have been placed on MARCWatch with a negative outlook.
  
  
• MARC affirms ratings of IJMP
  MARC has affirmed IJM Plantations (IJMP)'s RM150 million (US$40.62 million) Bai Bithaman Ajil Islamic Debt Securities rating at A+ID with stable outlook.
  
  
• MPG Sukuk rated AA3 by RAM
  Mukah Power Generation (MPG)'s Senior Sukuk Mudharabah Program of up to RM665 million (US$180.24 million) has been given a preliminary rating of AA3 with a stable outlook.
  
  
• Ratings of Bayu Padu affirmed
  Bayu Padu's RM500 million (US$135.41 million) Istisnah Serial Bonds and RM100 million (US$27.1 million) Murabahah commercial papers/medium-term notes facilities have had their ratings of A+ID and MARC-1ID/A+ID affirmed by MARC.
  
  
• MMV's ratings affirmed
  The MARC-2ID rating of MM Vitaoils (MMV)'s RM70 million (US$18.95 million) Murabahah Commercial Papers (MCP) Program has been affirmed by MARC, with a developing outlook.
  

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