RAM Sustainability assigns Silver sustainable finance rating to Kami Builders’ ASEAN Sustainability SRI Sukuk Framework

Published on 19 Mar 2026.

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RAM Sustainability has assigned Kami Builders Sdn Bhd’s (KBSB or the Issuer) ASEAN Sustainability SRI Sukuk Framework (the Framework) a Silver sustainable finance rating (SFR) following a second-party opinion assessment.

The Silver SFR is driven by the Framework’s alignment with key sustainability standards, i.e., Securities Commission Malaysia’s Sustainable and Responsible Investment (SRI) Sukuk Framework, the ASEAN Capital Markets Forum’s ASEAN Sustainability Bond Standards and the International Capital Market Association’s Sustainability Bond Guidelines. The rating also takes into account anticipated environmental and social benefits arising from eligible projects to be financed under the Framework.

KBSB’s sustainability governance and management are assessed to be satisfactory, with board-level oversight. The Issuer’s sustainability strategy is guided by its holding company Wawasan QI Properties Sdn Bhd’s (WQIP) Sustainability Policy which is centred on three core pillars: empowering people, transforming communities and safeguarding the environment.

KBSB, the property investment and development arm of WQIP, will issue SRI Sukuk Murabahah of up to RM300 mil under its ASEAN Sustainability SRI Sukuk Programme. Proceeds from the RM90 mil Tranche 1 SRI Sukuk Murabahah will be used to partially finance the construction of a new green campus for Quest International University in Perak, Malaysia, which will be leased to Global Integrated Training Associates (GITA) – KBSB’s sister company – as well as to fund related issuance expenses. GITA is owned by WQIP (65%), Dato’ Sri Vijay Eswaran (15%), Dato’ Dr R. Subramaniam (10%) and the Perak state government (10%). Excluding the latter two, the shareholders are part of the broader QI Group, a diversified group of companies involved in global direct selling, real estate, hospitality and retail.

The new campus is an eligible project under both the Green Building and Access to Essential Services categories.

The Tier-1 to Tier-2 EB ranking of the Green Building project category reflects the likely range of green building certifications to be achieved under the Framework’s eligibility criteria. The Tier-2 to Tier-3 SB ranking of the Access to Essential Services project category is driven by the new campus’ potential contribution to education access, improved graduate employability and income prospects. The overall scale of the social impact is moderated by the campus’ capacity (6,000-10,000 students) relative to larger peer private higher education institutions.

While no ESG controversies are directly attributable to KBSB, GITA or WQIP, some affiliates of the QI Group, notably QNet, have faced regulatory and public scrutiny in some jurisdictions, relating mainly to multi-level marketing activities. Although the Framework restricts the use of proceeds to eligible environmental and social projects, such developments may pose indirect reputational, governance and conduct risks by association.

 

Analytical contacts
Cynthia Lim Sin Lu
(603) 2708 8293
cynthia@ram.com.my

Raz Amira Razlan
(603) 2708 8295
raz@ram.com.my

Media contact
Sakinah Arifin
(603) 2708 8212
sakinah@ram.com.my

 

This external review or second-party opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security’s market price or its suitability for an investor, nor does it involve any audit by RAM Sustainability. It is also not a credit assessment on the proposed Green, Social or Sustainability Bonds/Sukuk.

About RAM Sustainability

RAM Sustainability Sdn Bhd (RAM Sustainability) is a provider of sustainability services and ESG analytics. Incorporated on 31 May 2000, RAM Sustainability is a wholly owned subsidiary of RAM Holdings Berhad. RAM Sustainability is the first ASEAN-based provider of ESG ratings and second opinions and has the distinction of being the first Registered Observer of ICMA’s Green Bond Principles, Social Bond Principles, Sustainability Bond Guidelines and Sustainability-Linked Bond Principles in ASEAN. For further details, please refer to https://www.ram.com.my/sustainability.

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