After Cagamas, Malaysia's equivalent of Fannie Mae, recently scored a blowout with investors on its M$2.05 billion ($527.6 million) Islamic MBS deal (see ASR, 8/1/05), other issuers are lining up to try and replicate the agency's success.

Next up will be another quasi-sovereign entity, Institut Jantung Negara, operator of the country's National Heart Institute. Institut Jantung, a subsidiary of the Finance Ministry, has established a M$209 million Islamic facility - IJN Capital - to finance construction of a new block for its main hospital in Kuala Lumpur, as well as to purchase new equipment.

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