LEADING property developer LBS Bina Group Berhad (LBS), has announced that it has won two awards, namely Malaysia Deal of the Year and Sustainability Deal of the Year in the highly prestigious Islamic Finance News (“IFN”) Deals of the Year 2024 Awards.
These awards honour LBS in recognition of its first tranche of the ASEAN Social SRI Sukuk Wakalah of RM200 million, the groundbreaking initiative under its RM750 million Sukuk Wakalah Programme.
The Sukuk Wakalah Programme, rated ‘AA-IS’ by MARC Ratings Berhad (“MARC”), was a standout submission for its role in driving sustainable development and delivering social impact.
LBS made history as the first real estate developer in Malaysia to issue this ASEAN Social SRI Sukuk Wakalah, a Shariah-compliant financial instrument designed to fund socially responsible projects.
Aligning with the Group’s inaugural Sustainability Financing Framework, which has earned a “Gold” Impact Bond Assessment from MARC, this accolade reinforces LBS’s dedication to sustainable and socially responsible financing, further solidifying its commitment to projects with positive environmental and social impact.
This award, which showcases the Sukuk Wakalah Programme, exemplifies LBS’s commitment to sustainability and innovation and highlights the Group’s leadership in advancing Islamic finance principles.
LBS’s strategic collaboration with key financial institutions, coupled with its forward-thinking adoption of ESG-aligned initiatives, solidifies its position as a leader in driving positive change through financial solutions.
The IFN Deals of the Year Awards, now in its 19th year, is regarded as the pinnacle of recognition in the global Islamic finance industry, recognising outstanding Shariah-compliant transactions that demonstrate innovation, influence and industry excellence.
This year, the award saw a record number of submissions, with strong participation from key markets such as the Gulf Cooperation Council, Malaysia, Indonesia, and Turkiye. Oman experienced significant growth in submissions, while Saudi Arabia recorded its highest-ever level of participation.
LBS executive chairman Tan Sri Ir. Lim Hock San, commented on the triumph, “We are truly delighted and honoured to receive this esteemed recognition from IFN. These awards undeniably reflect the hard work and dedication of the entire LBS team and reaffirm the Group’s proactive approach to sustainability and innovation.
“By focusing on creating lasting social impact and upholding the highest standards of governance, the issuance of our RM200 million ASEAN Social SRI Sukuk is a prime example of this commitment. It not only supports Malaysia’s Islamic finance ecosystem but also enables us to deliver sustainable and affordable housing solutions, fulfilling our vision of enriching lives and building stronger communities.”
He further added, “With Malaysia emerging as a hub for Islamic financing, LBS’s achievements at this IFN Awards serve as a testament to the Group’s pioneering role in shaping the sector. Moving forward, the Group strives to integrate sustainable and socially responsible financing practices, strengthening its dedication to funding projects that drive positive environmental and social outcomes, while delivering transformative value to stakeholders.”
