QI Group launches Sukuk Ijarah Programme with BPMB for QIU Expansion Project

The QI Group has launched a RM100 million (USD 21.482 million) Sukuk Ijarah Programme, that was structured and completed by Bank Pembangunan Malaysia Berhad, a renowned Development Financial Institution. The Sukuk Ijarah programme marks the QI Group’s maiden voyage into Malaysia’s capital markets.

This strategic initiative highlights QI Group’s steadfast commitment to growth and expansion, with the primary focus on investing in the development of its tertiary education business, Quest International University in the state of Perak in Malaysia. The upcoming 10-acre campus will be equipped with state-of-the-art facilities, promoting a conducive learning environment for students.

Dato’ Sri Vijay Eswaran, Founder and Executive Chairman of QI Group, envisioned this ground-breaking project as he strongly believes that education serves as the bedrock upon which great legacies are constructed.

The timing of this milestone initiative is all the more poignant as QI Group marks its 25th anniversary in September 2023.

The innovative sukuk financing scheme, akin to an IPO, is approved by the Securities Commission of Malaysia. Our Principal Advisors and Lead Arrangers are Public Investment Bank Berhad.

Bank Pembangunan Malaysia Berhad (BPMB) is the primary subscriber to the bonds. BPMB finances strategic sectors for national development and is rated ‘AAA’ by both RAM Rating Services Berhad and Malaysia Rating Corporation Berhad. BPMB is owned by Ministry of Finance (Incorporated) and marks its 50th anniversary in 2023. It is regulated and supervised by Bank Negara Malaysia under the Development Financial Institution Act 2002.