Khazanah Nasional Berhad has received approval to revise the terms of the RM20 billion Islamic Medium-Term Notes Programme (2019/2069) under its funding conduit, Danum Capital Berhad, allowing the issuance of sukuk in tokenised form. The approvals were obtained from sukukholders on 13 March 2026. The programme was previously rated AAA(s)/Stable on 14 November 2025.
Under the revised programme structure, the tokenised sukuk will be issued as a digital representation, or “digital twin,” of the underlying sukuk while continuing to coexist with existing global or definitive certificates. The revision enables Malaysia’s first onshore tokenised sukuk issuance and also marks Khazanah’s inaugural RM100 million one-year tokenised sukuk offering.
RAM Rating Services Berhad said the revision is credit-neutral as Khazanah remains the ultimate obligor for both the underlying sukuk and its digital counterpart. The agency added that there are no changes to the legal enforceability of the programme despite the introduction of tokenisation.
Trading, clearing and settlement activities will continue through Malaysia’s RENTAS system and Bank Negara Malaysia’s FAST platform. The tokenisation initiative is expected to improve operational efficiency in areas such as issuance, settlement and record-keeping.
The pilot transaction is also seen as an important step in expanding Malaysia’s Islamic digital finance ecosystem, which has largely focused on digital currencies and tokens. Industry observers believe the initiative could pave the way for future retail tokenised sukuk offerings by introducing features such as fractional ownership, improved transparency and more efficient record management.
The development supports Malaysia’s broader financial market modernisation plans under the Capital Market Masterplan 4. It is also expected to encourage further digital innovation in the domestic capital market while maintaining financial stability and investor confidence.