The Sukuk, structured under the Syariah principle of Murabahah via Tawarruq, has a 30-year programme tenure, with Tranche 1 maturing in five years.
KUALA LUMPUR: Kami Builders Sdn Bhd (KBSB), a wholly owned subsidiary of Wawasan QI Properties Sdn Bhd, has successfully issued RM90 million under Tranche 1 of its Sustainable and Responsible Investment (SRI) Sukuk Murabahah, marking the first phase of a RM300 million Asean Sustainability SRI Sukuk Programme to finance the development of a new university campus in Ipoh, Perak.
The Sukuk, structured under the Syariah principle of Murabahah via Tawarruq, has a 30-year programme tenure, with Tranche 1 maturing in five years.
Public Investment Bank Berhad acted as the sole principal adviser, lead arranger, lead manager and facility agent for the programme, while Amanie Advisors Sdn Bhd served as Shariah adviser. The issuance attracted strong participation from institutional investors, including asset managers and financial institutions.
Proceeds from the Sukuk will be used to finance the development and construction of the new Quest International University (QIU) campus on a 10-acre site at Gunung Lang, Ipoh. The university, established in partnership with the Perak state government, currently serves more than 2,000 students from over 40 countries and is positioned as part of efforts to expand access to affordable tertiary education.
Tranche 1 has been assigned a AAA(s) credit rating by RAM Ratings, the highest investment grade on its scale, reflecting strong credit fundamentals. In a separate assessment, RAM Sustainability awarded a SILVER Sustainable Finance Rating to KBSB’s ASEAN Sustainability SRI Sukuk Framework, recognising its alignment with the Securities Commission Malaysia’s SRI Sukuk Framework as well as ASEAN Sustainability Bond Standards and the International Capital Market Association’s Sustainability Bond Guidelines.
KBSB director Shekhar Balasubramaniam said the Sukuk represents the convergence of sustainable investment and social impact.
“This Sukuk represents a powerful convergence of sustainable investment and social mobility.
“By backing the QIU development, our investors are directly anchoring the future of Perak, channeling Islamic capital into a transformative ecosystem that delivers both financial resilience and measurable socio-economic upliftment,” he said.
Quest International University Council Chairman and Pro-Chancellor Datuk Seri Vijay Eswaran said the funding reflects long-term confidence in the institution’s growth.
“QIU was one of our most deliberate investments. We committed capital to Malaysia’s education sector at a time when the opportunity was clear, knowing that building a university requires patience and a long-term commitment.
“This Sukuk, backed by strong institutional demand, reflects confidence in QIU’s vision and the next phase of its growth,” he said.
The latest issuance builds on KBSB’s previous participation in Islamic capital markets.
In 2023, the company launched a RM100 million Sukuk Ijarah Programme, with Bank Pembangunan Malaysia Berhad as the primary subscriber, to fund land acquisition and initial construction works for the QIU campus via Silver Formula ABS Berhad, a dedicated special purpose vehicle.
