KUALA LUMPUR: Malaysian Rating Corp Bhd (MARC) has been named the Best Islamic Rating Agency 2014 by the Global Islamic Finance Awards (Gifa) in Dubai on Monday, in conjunction with the World Islamic Economic Forum (WIEF) 2014 week.

“The award is a testament to MARC’s quality coverage of rated sukuk in our domestic Malaysian market, which is also the largest sukuk market in the world, accounting for more than 60% of outstanding global sukuk issued in the year to date,” MARC said in a statement yesterday.

“The award also recognises MARC’s active role in the development and growth of Islamic finance and promoting governance at syariah-compliant institutions,” the rating agency said, adding that MARC had completed 715 ratings, which accounted for about US$140.6 billion (RM450 billion) in issuance value, as at Aug 31.

“We are privileged to have participated in the development of the global sukuk market and its stellar growth over the years through our role as a trusted arbiter of risk,” said MARC chief executive officer Mohd Razlan Mohamed.

Among MARC’s key initiatives to support the growth and development of Islamic finance are the introduction of the first set of syariah-based rating scales, as well as its rating of the world’s first global sukuk, Kumpulan Guthrie Bhd’s US$150 million sukuk ijarah in 2002.

Inaugurated in 2011, Gifa is one of the most prestigious awards in Islamic banking and finance. This year Malaysia was also named the winner of the Global Islamic Finance Leadership Award 2014 (country), which Prime Minister Datuk Seri Najib Razak received on behalf of the country.

This article first appeared in The Edge Financial Daily, on October 29, 2014.