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Tuesday, 5 September 2023, Petaling Jaya – QI Group, a renowned multinational conglomerate, has announced the launch of its RM100 million Sukuk Ijarah Programme, with Bank Pembangunan Malaysia Berhad (BPMB) being the primary subscriber. The Sukuk Ijarah is issued via Silver Formula ABS Berhad (SFAB), a special purpose company set-up to undertake the transaction.


This strategic initiative highlights QI Group's steadfast commitment to growth and expansion, with the primary focus on investing in the development of its tertiary education business, Quest International University.


The upcoming 10-acre Quest International University campus will be equipped with state-of-the-art facilities, promoting a conducive learning environment for students.


Roni Abdulwahab, Group Chief Executive Officer (GCEO) of Bank Pembangunan Malaysia Berhad (BPMB), stated: "At BPMB, we ensure all our financing delivers social, economic and environmental impact through our Measuring Impact on National Development (MIND) framework. MIND complements our credit assessment and the development of Quest International University new campus in Ipoh provides an avenue for us to foster impactful development that will increase accessibility to higher education to all levels of society including the lower income group.”


He added, "Through the university, we fulfil our mission of providing equal opportunities for students, while also generating meaningful employment prospects within the Gunung Lang region. This initiative serves to narrow the differences in development between different regions of the state. Most importantly, it could be the spark that ignites economic progress in Gunung Lang, extending beyond just tourism."


Dato’ Sri Vijay Eswaran, the Executive Chairman of QI Group, expressed his vision for this transformative endeavour, stating, “Investing in the growth of Quest International University goes beyond constructing a prestigious institution; it is about cultivating the leaders of tomorrow. As I often emphasize, education serves as the bedrock upon which great legacies are constructed.


The true strength of higher education lies not merely in the knowledge it imparts but in the profound transformation it bestows upon individuals and communities alike. To leave a legacy means crafting a positive impact that transcends the constraints of time and positively influences countless lives.”


He added "Complementing its commitment to affordable education, the QI Group's scholarship programme has empowered thousands of deserving students since 2017, awarding millions of ringgit in scholarships.” This joint sukuk initiative brings Quest International University one step closer to realizing its long-term vision of giving back to communities in the Northern states of Malaysia through affordable, high-quality education.


With the capital injection from the sukuk initiative, the university is strategically positioned to address this growing demand and make a substantial contribution to the educational landscape in the region.





QI Group of Companies The QI Group, founded in 1998, is a multinational conglomerate with interests in education, travel and leisure, direct selling, property development, and retail. With more than 10 businesses that directly employ around 2000 people across Asia, Europe, USA and the Middle East, the QI Group is a truly diverse organisation. We live by the corporate philosophy of RYTHM — Raise Yourself To Help Mankind, and are guided by the core values of Integrity, Service, Sustainability and Leadership. We are committed to making sustainable social impact through our businesses, and by giving back to the communities in which we operate. Our focus is on enabling people to rise through solutions that power entrepreneurship, enhance lives, and promote educational excellence.


In 2023, the QI Group marks its 25th anniversary. For more information, visit





Celebrating its 50th Anniversary in 2023, Bank Pembangunan Malaysia Berhad (BPMB) finances strategic sectors for national development.


Owned by Minister of Finance (Incorporated), BPMB is rated ‘AAA’ by both RAM Rating Services Berhad and Malaysia Rating Corporation Berhad.


It is regulated and supervised by Bank Negara Malaysia under the Development Financial Institution Act 2002.


Equipped with its impact assessment framework, MIND (Measuring Impact on National Development), BPMB is well positioned to serve its purpose of delivering impact capital for national development.


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