KAMI Builders Sdn Bhd (KBSB), a wholly owned subsidiary of Wawasan QI Properties Sdn Bhd under the QI Group, has successfully issued RM90 million under the first tranche of its ASEAN Sustainability SRI Sukuk Programme, marking a key milestone in its RM300 million Islamic financing initiative.
The Sukuk, structured under the Shariah principle of Murabahah via Tawarruq, carries a 30-year tenure, with the first tranche maturing in five years. The programme is designed to channel Islamic capital into sustainable infrastructure development, particularly in the education sector.
Proceeds from the issuance will be used to finance the development and construction of Quest International University’s (QIU) new campus at Gunung Lang in Ipoh, Perak, a 10-acre site developed in partnership with the Perak state government.
The university currently serves more than 2,000 students from over 40 countries and is positioned as part of Malaysia’s broader agenda to expand access to quality tertiary education.
Public Investment Bank Berhad acted as Sole Principal Adviser, Lead Arranger, Lead Manager and Facility Agent for the Sukuk Programme, while Amanie Advisors Sdn Bhd served as Shariah adviser.
The issuance attracted strong interest from institutional investors, including asset managers and financial institutions, reflecting continued demand for sustainable Islamic investment instruments.
Tranche 1 of the Sukuk has been assigned a AAA(s) rating by RAM Ratings, the highest investment-grade rating on its scale, underscoring the programme’s strong credit fundamentals.
In addition, RAM Sustainability has awarded a SILVER Sustainable Finance rating to KBSB’s ASEAN Sustainability SRI Sukuk Framework.
The assessment recognises its alignment with the Securities Commission Malaysia’s SRI Sukuk Framework, as well as international standards including the ASEAN Sustainability Bond Standards and the International Capital Market Association’s Sustainability Bond Guidelines.
KBSB director Shekhar Balasubramaniam said the issuance reflects the dual objectives of financial strength 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—channelling Islamic capital into a transformative ecosystem that yields both financial resilience and measurable socio-economic upliftment for the communities we serve,” he said.
QI Group founder and executive chairman Datuk Sri Vijay Eswaran (pic) said the successful issuance validated the group’s long-term investment strategy in the education sector.
“At QI Group, we have built businesses across more than 30 countries. We know what a sound long-term investment looks like. QIU was one of our most deliberate, a decision to commit capital to Malaysia’s education sector at a time when the opportunity was clear, but the work was long.
This sukuk, backed by institutional demand, tells you everything about our confidence in that decision. The market has confirmed it,” he said.
The latest issuance builds on KBSB’s established presence in Islamic capital markets. In 2023, the company launched a RM100 million Sukuk Ijarah Programme, with Bank Pembangunan Malaysia Berhad (BPMB) as primary subscriber, to finance land acquisition and early construction works for the QIU campus via Silver Formula ABS Berhad, a dedicated special purpose vehicle.
KBSB, incorporated in 1998, is principally engaged in property investment and forms part of the QI Group, a multinational conglomerate with interests spanning education, wellness, direct selling, travel and leisure, and retail, operating across more than 30 countries. – June 11, 2026
