Malaysian sardar ji making waves in Islamic finance

A sardar ji from Malaysia is making maves in the area of Islamic finance. An innovative financial solution in the area of sukuk, or Islamic bonds, by his team has won them yet another award.

Charanjeev Singh and Danny Kwan, the founding partners of New Paradigm Capital Markets Sdn Bhd, picked up the Best Structured Finance Sukuk by the Asset at The Asset Triple A Islamic Finance Awards 2018.

The award recognises their role as financial adviser and deal structurer for SkyWorld Capital Berhad’s RM1.0 billion sukuk programme.

“This recognition means an incredible amount to all of us at NewParadigm Capital Markets, as we are able to have an active part in the development of the Malaysian bond market,” Charanjeev Singh said in a statement.

Established in 2005, NewParadigm Capital Markets is an independent and privately-owned corporate finance advisory firm licensed by the Securities Commission of Malaysia. It is in the niche business of providing independent, unconflicted financial and strategic advice on capital raising, financings, recapitalisation & restructurings and mergers & acquisitions to a diverse client base.

The sukuk under consideration is said to be the first structured transaction in Malaysia involving unbilled sales and the first in the world to involve affordable housing, as well as the first Shariah compliant securitisation of progress billings and monetisation of progress billings in the market globally.

The transaction monetises future payments to be received from the sale of yet-to-be-completed development projects allowing the Issuer to more efficiently manage project development cash flows, according to the statement.

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