Asia’s best Islamic real-estate deal 2025

LBS Bina RM200 million social sukuk

Malaysian developer LBS Bina Group launched its debut rated deal under a RM750 million ($175 million) sukuk wakalah programme, issuing a RM200 million five-year ASEAN Social SRI sukuk wakalah aimed at financing affordable housing. 

The transaction drew exceptional demand: the final order book topped RM1.27 billion, translating into a 6.4-times oversubscription that markedly exceeded expectations for a first-time rated borrower. 

After three rounds of price tightening, the company fixed the coupon just above the lower boundary of guidance at five-year MGS + 141 basis points, giving investors a 5% profit rate and landing 39 basis points inside the widest initial price talk.

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