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Press release on i REIT
 

Press release on i REIT

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Islamic REIT (Real Estate Investment Trust) is a beautiful addition to the Islamic Finance Industry with which the Real Estate Industry can be promoted internationally. Mr. Muhammad Zubair Mughal, CEO ...

Islamic REIT (Real Estate Investment Trust) is a beautiful addition to the Islamic Finance Industry with which the Real Estate Industry can be promoted internationally. Mr. Muhammad Zubair Mughal, CEO of AlHuda Centre of Islamic Banking and Economics (CIBE), expressed these views during his speech on the topic of “Islamic REITs” in the Two Days Conference “REITs UNLOCKED” (18th Sep, 2013) held in the Capital of Malaysia (Kuala Lumpur)...

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    Press release on i REIT Press release on i REIT Document Transcript

    • CENTRE OF ISLAMIC BANKING & ECONOMICS Press Release Islamic REIT is Mandatory for the Development of Real Estate Industry / Muhammad Zubair Mughal Micro Housing Finance demand can be satisfied through Islamic REIT September 26, 2013 (Kuala Lumpur) Islamic REIT (Real Estate Investment Trust) is a beautiful addition to the Islamic Finance Industry with which the Real Estate Industry can be promoted internationally. Mr. Muhammad Zubair Mughal, CEO of AlHuda Centre of Islamic Banking and Economics (CIBE), expressed these views during his speech on the topic of “Islamic REITs” in the Two Days Conference “REITs UNLOCKED” (18th Sep, 2013) held in the Capital of Malaysia (Kuala Lumpur). He told that first Islamic REIT was launched in 1960 in America and now REIT is actively providing the funds to Real Estate Industry in more than 30 countries of the world including Malaysia, Pakistan, Japan, Korea, Canada, UK and Australia for the smooth growth and development of Real Estate Industry while the global volume of Real Estate Industry has reached at US $ 850 billion and also it is worth mentioning that 72% of total global investment in Real Estate is still in America but the amazing fact is the least share of Islamic REIT in the global REIT Industry. First Islamic REIT was initiated by Malaysia in June, 2006 and growing rapidly from last 7 years in its age of infancy. He added that Islamic Bonds (Sukuk) were used in the Middle East for the development of Real Estate, although this approach was partially successful but not everlasting because Sukuk has some challenges of current upheavals in the property market of Middle East, although the Real Estate market of Middle East can be managed and settled with the induction and execution of Islamic REITs. Inter alia Islamic Banking and Finance market shall have more financial instruments to ensure the Shariah adherence of their investment portfolio through Islamic REITs, which can potentially be used to manage the liquidity of Islamic Financial Institutions. He also told that Islamic REITs can be productively used in underdeveloped countries by addressing the demand of Housing Finance and Real Estate as well to satisfy the ultimate demand of micro housing. The Islamic REIT will not only provide the Shariah compliant products to the corporate industry rather it will turn the dream of more than 100 million homeless people into reality around the globe for getting their homes/houses. He mentioned that Securities and Exchange Commission of Pakistan (SECP) has designed two structures to streamline and grow the REIT Industry and it is expected that, in coming days, the Real Estate Industry will grow through REITs in Pakistan. Head Office: 192- Ahmad Block, Ph: +92-42-35913096-8 E-mail: info@alhudacibe.com New Garden Town Lahore, Pakistan. Fax: +92 -42-35913056 Website: www.alhudacibe.com