Khazanah launches first tokenised RM100mil sukuk issuance

PETALING JAYA: Khazanah Nasional Bhd, in collaboration with the Securities Commission (SC), has successfully priced Malaysia’s first tokenised sukuk, with a nominal value of RM100mil.

The issuance forms part of the Sukuk Danum Programme, an Islamic Medium-Term Notes facility of up to RM20bil in nominal value, and carries a one-year tenure.

This issuance has been structured under the syariah principle of Wakalah bi al-Istithmar.

In a statement, Khazanah said a tokenised bond or sukuk refers to a digital representation of a capital market instrument.

“This involves the adoption of distributed ledger technology (DLT) to create the product in digital form, typically as a token,” it explained.

“Tokenisation enables the creation of a digital record or ‘digital twin’ of the capital market product that is cryptographically secure and immutable.”

Khazanah managing director Datuk Amirul Feisal Wan Zahir said the initiative represents a practical step in exploring how digital technology can improve the issuance and management of capital market instruments.

“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 noted.

By integrating syariah-compliant assets with DLT, the initiative aims to enhance accessibility, efficiency and transparency within the capital market, including enabling near real-time access to information for relevant stakeholders.

The issuance was carried out under SC’s pilot programme to support market innovation in a controlled environment.

The pilot involved key financial institutions including CIMB Group Holdings Bhd and Malayan Banking Bhd, alongside institutional investors such as Retirement Fund (Inc), Credit Guarantee Corp Malaysia Bhd, OCBC Bank (M) Bhd and other institutional participants.

“Participants collaborated across the issuance value chain to align operational and technical workflows, while deepening market familiarity with tokenised instruments,” it said.

“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.”

In a statement in conjunction with this development, CIMB said it acted as sole principal adviser, sole lead arranger and sole facility agent for the tokenised sukuk pilot.