The Framework has been independently reviewed by RAM Sustainability and was accorded a “Platinum” Sustainable Finance Rating, in its Second Party Opinion (SPO), confirming its alignment with relevant local, regional, and international sustainable finance guidelines. PAAB is the first to ever achieve the Platinum distinction – the highest tier under RAM Sustainability’s SPO assessment. Hence, providing assurance and credibility for PAAB’s sustainability process and governance in raising funds under this framework.
Malaysia's Pengurusan Aset Air Berhad (PAAB), wholly owned company of the Minister of Finance (Incorporated), has established Sustainable Islamic Finance Framework with Maybank Investment Bank (Maybank IB) acted as Sole Sustainability Structuring Adviser.
Notably, the framework is the first in Malaysia to feature blue finance and first in Malaysia for Islamic Finance, allowing PAAB to undertake blue instruments such as Blue Sukuk and other Islamic financings in adherence with the Guidelines for Blue Finance Version 2.0 developed by the International Finance Corporation in 2025 as well as the Bonds to Finance the Sustainable Blue Economy - A Practitioner's Guide published by ICMA in 2023. PAAB’s blue instruments will support its role in strengthening the efficiency, resilience and sustainability of Malaysia’s water sector, while contributing to the United Nations Sustainable Development Goals.
