JOHOR BAHRU, Malaysia, May 20 (Bernama-GLOBE NEWSWIRE) — In March 2020, Country Garden Real Estate (CGRE) successfully issued three tranches of Islamic Sukuk for a total of MYR495 million, with the longest tenure among them being seven years. Following the recent crisis of global financial markets due to the COVID-19 outbreak. These issuances are the reflection of the positive reception of the Company’s most significant project, “Forest City”, as well as the demonstration of confidence that Malaysian capital markets have in both Country Garden Group and CGRE’s long term growth in Malaysia.
This is also shown by RAM Ratings that in Sep 2019 reaffirmed the AA3/Stable rating of CGRE’s Islamic Medium-Term Note (IMTN) Program.
Malaysia is currently one of the biggest markets for Islamic finance in the world. Sukuks are Islamic financial certificates (similar to a bond), that complies with Islamic religious law commonly known as Syariah. Sukuks had become extremely popular since 2000 when the first Sukuk was issued by Malaysia.