Qi Group Bags Two Accolades At Ifn Awards 2023 In Dubai

KUALA LUMPUR, June 10 (Bernama) -- The QI Group secured two prestigious accolades at the Islamic Finance News (IFN) Awards 2023 in Dubai, namely the Structured Finance Deal of the Year and the Malaysia Deal of the Year.

QI Group said the wins were in recognition of the group’s recent Sukuk Ijarah Programme with Bank Pembangunan Malaysia Bhd (BPMB). 

Led by the group’s investment arm, QI Capital, the winning project involved a unique single-asset securitisation in the Islamic finance market with advanced risk reduction measures. 

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"Supported by Silver Formula ABS Bhd, this securitisation focused on QI Tower, the group’s 15-storey operational headquarters in Petaling Jaya, through a sale and leaseback arrangement. 

"This resulted in the issuance of the RM100 million Sukuk Ijarah Programme, a rare true asset-backed security in global Islamic finance, with BPMB as the primary subscriber. The funds raised are being used to build a new 4.05 hectares campus in Perak for Quest International University," it said in a statement.

QI Capital chief executive officer Shekhar Balasubramaniam said the awards were a testament to the group's commitment to innovation and excellence in the Islamic finance sector.

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"Our pioneering securitisation project not only showcases our financial expertise but also highlights our dedication to social impact, as the proceeds are being invested in the development of a new university campus. 

"This recognition inspires us to continue pushing boundaries and contributing positively to the industry and the communities we serve," he added.

-- BERNAMA