MARC urged to play role of risk arbiter
KUALA LUMPUR: The Finance Ministry wants the Malaysian Rating Corp Bhd (MARC) to continuously play the role of risk arbiter and assist in mitigating excessive risks in the wake of financial technology (fintech).
“As we move towards greater digitalisation, where the availability of information is borderless, the requirement to uphold the highest level of transparency in corporate governance is the key,” said Second Finance Minister Datuk Johari Abdul Ghani at MARC’s 20th year anniversary celebrations, here, yesterday.
Also present were Securities Commission Malaysia deputy chief executive officer Datuk Ahmad Fairuz Zainol Abidin and Bank Negara Malaysia deputy governor Abdul Rasheed Ghaffour.
The celebrations opened with a showcase presentation by MARC chief executive officer Mohd Razlan Mohamed on the rating agency’s 20-year journey and its major milestones.
The highlight of the evening, however, was MARC’s 2015 Lead Manager League Table Awards, when the rating agency honoured the industry’s top-rated bond and sukuk arrangers.
CIMB Investment Bank Bhd was announced as the winner in both the issue value and issue count categories.
For the first time, MARC introduced the Sukuk of the Year Award, which was awarded to Jimah East Power Sdn Bhd’s RM8.98 billion sukuk murabahah, for being the largest sukuk issued regionally last year and in recognition of the project’s economic significance.