Khazanah Nasional Berhad and the Securities Commission Malaysia (SC) have priced Malaysia’s first tokenised sukuk, a RM100 million issuance built on distributed ledger technology (DLT).
The tokenised sukuk creates a secure digital version of the Islamic bond, allowing it to be issued and transferred as a token on a shared digital ledger.
The issuance is the first tranche under Khazanah’s Sukuk Danum Programme, an Islamic Medium-Term Notes (IMTN) programme of up to RM20 billion. It carries a one-year tenure and is structured under the Shariah principle of Wakalah bi al-Istithmar, where an investment agent manages funds on behalf of investors.
CIMB Group and Maybank acted as advisers and arrangers, while Credit Guarantee Corporation Malaysia (CGC), Kumpulan Wang Persaraan (Diperbadankan) (KWAP), OCBC Bank (Malaysia) and other institutional investors took part in the issuance. CIMB had previously committed to supporting the tokenised sukuk pilot across structuring, execution, custody and servicing.
Khazanah and the SC said the issuance is a controlled pilot to test how blockchain technology can improve efficiency in sukuk issuance, settlement and post-issuance processes. The SC is running the pilot under its innovation framework to support future adoption by corporate issuers.
“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,” said Khazanah managing director Dato’ Amirul Feisal Wan Zahir.
SC executive chairman Dato’ Mohammad Faiz Azmi said the pilot supports the Capital Market Masterplan 2026–2030, which targets growth of Malaysia’s capital market to RM5.8 trillion–RM6.3 trillion by 2030, with bond and sukuk market modernisation as a key focus.
“Tokenisation offers potential to improve transparency, broaden participation and support a more vibrant market,” he said.
Malaysia’s broader push into asset tokenisation is also advancing through Bank Negara Malaysia’s Digital Asset Innovation Hub, which is exploring tokenised deposits and stablecoin use cases with major financial institutions.
The initiative is part of efforts to modernise Malaysia’s RM2.4 trillion Islamic capital market, including improving transparency, automation and accessibility through digital assets.
