This differs to most of the other Islamic ABS deals that have been completed in Malaysia, which tend to use the Mudharabah concept, in which the investors provide the capital funding while the issuer manages the assets. Again, profits are distributed at a pre-agreed rate but any losses are borne solely by the investors. Staying in Malaysia, Karambunai Corp., a company specializing in developing tourist resorts in the State of Sabah, said last week it plans to issue an M$1 billion CMBS. Karambunai has hired Affin Merchant Bank to arrange the deal, which will see the firm transfer ownership rights to its Nexus Resort Karambunai development and other land assets into a special purpose vehicle. Karambunai will use the proceeds to repay existing debt and for working capital needs. Although the transaction is still subject to regulatory approval, Karambunai plans to issue M$200 million of senior notes and an M$840 million junior tranche, both with legal maturities of seven years.