The Cagamas R$2.05 billion ($542.5 million) Islamic residential mortgage backed sukuk (IRMBS) Musharakah, the world’s first rated IRMBS, brought a new asset class to Islamic finance. Cagamas MBS Berhad (CMBS), a single purpose and wholly owned subsidiary of Malaysia’s national mortgage corporation, appointed CIMB, HSBC Amanah, ABN Amro and AmMerchant as joint lead managers for the August 2005 deal.
The transaction involved the acquisition by CMBS, on a non-recourse basis, of a portfolio of loans originated by the government of Malaysia under its staff Islamic homes financing programme.
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