Kami Builders, a wholly owned subsidiary of Wawasan QI Properties under QI Group, has established a RM300 million ASEAN Sustainability SRI Sukuk Programme and issued RM90 million under its first tranche to support the development of a new campus for Quest International University (QIU) in Ipoh, Perak, Malaysia.
QI Group is a multinational conglomerate operating across more than 30 countries, with a workforce of more than 2,000 people drawn from approximately 50 nationalities. Its businesses span wellness and lifestyle products, higher education, hospitality, luxury watchmaking, and direct selling. QIU, established in partnership with the Perak State Government, currently serves more than 2,000 students from over 40 countries.
Structure and Terms
The sukuk programme is structured on the Shariah principle of Murabahah via Tawarruq and carries a total tenure of 30 years. The first tranche, RM90 million in SRI Sukuk Murabahah, matures in five years. Public Investment Bank Berhad acted as Sole Principal Adviser, Lead Arranger, Lead Manager and Facility Agent for the programme. Amanie Advisors Sdn Bhd served as Shariah Adviser.
The offering attracted strong interest from institutional investors, including asset managers and financial institutions. Proceeds will finance the development and construction of the new QIU campus on a 10-acre site in Gunung Lang, Ipoh. The investment directly supports Malaysia’s national agenda of widening access to affordable, quality tertiary education in the regions.
Credit Rating and Sustainability Recognition
The first tranche has been assigned a credit rating of AAA(s) by RAM Ratings, the highest investment-grade rating on the RAM scale. RAM Sustainability also accorded a SILVER Sustainable Finance Rating to Kami Builders’ ASEAN Sustainability SRI Sukuk Framework, recognising its alignment with the Securities Commission Malaysia’s SRI Sukuk Framework and international standards, including the ASEAN Sustainability Bond Standards and the International Capital Market Association’s Sustainability Bond Guidelines.
A Long-Term Commitment to Malaysian Education
KBSB Director Shekhar Balasubramaniam said the RM300 million sukuk programme reflects the alignment of sustainable investment with initiatives that deliver measurable socio-economic benefits for communities.
Vijay Eswaran, Founder and Executive Chairman of QI Group, connected the transaction to the Group’s broader investment history in Malaysia. “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 campus development in Gunung Lang advances QI Group’s investment in Malaysian higher education. QIU’s international student base — more than 40 source countries — reflects the university’s positioning as a regionally accessible institution.
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