KUALA LUMPUR: Real estate developer Paramount Corporation Bhd has launched its first sustainability-linked sukuk Wakalah, valued at RM100 million.
The issuance is part of Paramount's unrated Islamic medium-term notes programme which allows for up to RM1.0 billion in nominal value based on the Shariah principle of Wakalah Bi-Al Istithmar.
Paramount deputy group chief executive officer Benjamin Teo said the issuance of marks a significant step in the company's pursuit of sustainable development.
It also demonstrates a strong commitment to integrating business practices with environmental stewardship and social responsibility for the future.
"By linking this Sukuk Wakalah to specific sustainability targets, we are taking a bold step forward by ensuring that our financial activities support our business goals while contributing positively to environmental and social objectives.
"Thus, we hold ourselves accountable to higher standards of performance and transparency," he added.
AmInvestment Bank Bhd chief executive officer Tracy Chen said the collaboration between the two entities demonstrates how financial instruments can be leveraged for positive environmental and social impact.
"We are committed to fostering partnerships that drive meaningful change, and this Sukuk Wakalah subscription is a testament to our dedication to advancing sustainability within the financial sector," she added.