| Islamic Finance Awards |
Al-’Aqar Capital
Often, a little scratching under the surface will find that the asset class has actually been developed before, perhaps in a slightly different way, by someone else – and sometimes even by the same institution.
Nevertheless, the M$300 million ($91 million) sukuk issued and backed by Al ‘Aqar Capital is a genuinely innovative product. It is the first time an Islamic Reit (Al-‘Aqar KPJ) has issued a sukuk. In addition, the Reit itself, which was launched in 2006, is the world’s first Islamic healthcare Reit (the properties consist of six hospitals in Malaysia), as well as the world’s first listed Islamic Reit.
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