AIR SELANGOR, together with CIMB Investment Bank Bhd, one of the Joint Lead Managers for the transaction, received the Best SRI Sukuk – Water award at The Asset Triple A Islamic Finance Awards 2026 in recognition of its RM1.5 billion SRI Sukuk Kelestarian transaction issued in October 2025.
The accolade reflects Air Selangor’s continued leadership in developing innovative financing instruments for water, identifying promising water investment applications and scaling them up to strengthen water security, while improving the viability and quality of financing available of water-related investments in Malaysia.
The transaction attracted RM3.77bil in orders, equivalent to 2.51 times the amount issued, with proceeds allocated to eligible projects under Air Selangor’s Sustainable Development Sukuk Kelestarian Framework, including the Rasau Water Supply Scheme and pipe replacement programme.
The issuance was made under Air Selangor’s RM20.0bil Sukuk Murabahah Programme, which is rated AAA/Stable and P1 by RAM Ratings, as recently affirmed for six consecutive years on Aug 6 2026, providing a current independent reference point for the credit quality of the programme under which the award-winning issuance was made.
Commenting on these milestones, Air Selangor chief executive officer Adam Saffian Ghazali, said: “This recognition reflects the collective effort of the teams and partners involved in the sukuk issuance and reaffirms investors continuing confidence in Air Selangor’s credit and sustainability agenda.
“Resilient water infrastructure requires longterm infrastructure investment supported by sustainable financing, with clear governance and reporting on the use of proceeds, and we remain committed to delivering measurable impact for the environment and communities we serve”.
Presented by The Asset – a leading Asian business and financial news organisation, the award was received by Adam and CIMB Investment Bank Bhd Debt Markets head Yeoh Phee Leong.
Other Joint Lead Managers for the transaction were Maybank Investment Bank Bhd and Bank Islam Malaysia Bhd, with the latter additionally serving as Principal Adviser, Lead Arranger and Shariah Adviser.
This marks the second time Air Selangor has received this recognition, having previously won Best SRI Sukuk – Water award at The Asset Triple A Islamic Finance Awards 2024 together with Joint Lead Manager Maybank Investment Banking Group, following the issuance of its 5th tranche of SRI Sukuk Kelestarian worth RM1bil on Oct 11, 2023.
In July 2026, Air Selangor revised its Sustainable Development Sukuk Kelestarian Framework to Version 2.0, expanding the eligible financing categories to support the issuance of Blue, Green, Social and Sustainability Sukuk under a single platform.
Following its Second Party Opinion assessment, RAM Sustainability assigned the revised Framework a Platinum Sustainable Finance Rating.
This achievement reaffirms Air Selangor’s position as a trusted issuer in the Islamic capital market, supporting its role in providing clean and safe treated water to 9.62 million consumers across Selangor, Kuala Lumpur and Putrajaya.
As Malaysia’s largest water services provider, Air Selangor’s capital programme includes investment in water supply and distribution infrastructure serving these regions.
Further information is available through Air Selangor's Sukuk Kelestarian page / Air Selangor Sustainability Report 2025 at https://www.airselangor.com/about-us/publications?lang=en#SukukKelestarian
