RAM Ratings has assigned a final rating of AAA(s)/Stable to Kami Builders Sdn Bhd's (KBSB or the Company) RM90 mil Tranche 1 SRI Sukuk Murabahah (Tranche 1) under its RM300 million ASEAN Sustainability SRI Sukuk Programme. Tranche 1 is fully secured by a standby letter of credit (SBLC) from UBS Switzerland AG (UBS). Accordingly, the rating reflects UBS's credit strength, which RAM has assessed as AAA/Stable(pi).

Kami Builders is a wholly owned subsidiary of Wawasan QI Properties Sdn Bhd (WQIP), serving as the latter's property investment and development arm. Proceeds from Tranche 1 will be applied partly toward construction of a new university campus in Ipoh, Perak, with total project costs estimated at RM165 mil. 

The final rating is assigned after satisfactory review of all relevant final transaction documents and related legal opinion, which remain consistent with our expectations when the preliminary rating was assigned (13 March 2026; click here).  

RAM will continue to monitor the rating for as long as Tranche 1 remains outstanding.


Analytical contacts
Amira Shamsul
(603) 2708 8242
[email protected] 

Thong Mun Wai 
(603) 2708 8255
[email protected]

Media contact
Sakinah Arifin
(603) 2708 8212
[email protected]

Date of release: 25 May 2026

The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security's market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations.

RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings' credit opinions or other analytical proce