Malaysia's sovereign wealth fund has just written the country's tokenisation story into the sukuk market.
Khazanah Nasional has priced Malaysia's first tokenised sukuk: RM100 million nominal value under its RM20 billion Sukuk Danum programme, with a one-year tenor, structured on the Shariah principle of Wakalah bi al-Istithmar. The issuance runs under the Securities Commission's pilot programme — the Bond Tokenisation Pilot the SC and Khazanah first flagged in March 2025.
Who's involved
CIMB Group and Maybank acted across the issuance chain, and the institutional order book includes Credit Guarantee Corporation Malaysia, KWAP and OCBC Bank (Malaysia). The instrument is a DLT-based "digital twin" of a conventional sukuk — same obligations, new rails — consistent with the SC's position that tokenised securities carry the same regulatory obligations as their conventional counterparts.
Why this is the flagship
Malaysia's comparative advantage in global finance is Islamic capital markets; its stated ambition under the Capital Market Masterplan 2026–2030 is a more digital one. This deal is where the two meet. Khazanah MD Datuk Amirul Feisal Wan Zahir called it "building the foundations for a more efficient and transparent market"; SC Chairman Datuk Mohammad Faiz Azmi says tokenisation can broaden participation. When the national wealth fund, two megabanks and the pension fund all touch the same tokenised instrument, tokenisation in Malaysia has stopped being a concept.