KUALA LUMPUR: RAM Ratings Bhd (RAM Ratings) has assigned a long-term and short-term financial institution rating of ‘AAA’ and ‘P1’ to Standard Chartered Saadiq Bhd.
In a statement yesterday, it said the long-term rating had a stable outlook and reflected the bank’s operating model, which was highly integrated with that of its parents, Standard Chartered Bank Malaysia Bhd.
Standard Chartered Saadiq is the first Islamic banking subsidiary of a locally-incorporated foreign bank to be rated by RAM Ratings.
RAM Ratings’ head of financial institution ratings, Promod Dass said Saadiq was an integral component of its AAA/P1-rated parent, Standard Chartered, which was spearheading Islamic banking operations in Malaysia.
“Both entities share the same network and back-end operations. We believe that Standard Chartered Saadiq also has the benefit of financial support from Standard Chartered,” he added. — Bernama