Guidelines for Islamic Real Estate Investment Trust

Top 20 FREQUENT WORDS

islamic 27 activities 22 reit 21 permissible 18 syariah 18 rental 15 estate 12 tenant 8 investment 7 guidelines 6 adviser 5 committee 5 financial 5 percentage 5 based 4 conventional 4 fund 4 insurance 4 manager 4 obtain 4 permitted 4 products 4

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these are the guidelines as outlined by the syariah advisory council sac of the securities commission to facilitate the establishment of an islamic real estate investment trust islamic reit
it must be read together with the guidelines on real estate investment trusts

the percentage amount will be referred to the benchmark as determined by the sac for the criteria on rental from non permissible activities d in the event that the percentage exceeds the benchmark the syariah committee syariah adviser shall advise the islamic reit fund manager not to invest in the said real estate and these guidelines are not applicable to real estate used for residential purposes
the list of non permissible activities as decided by the syariah advisory council sac of the securities commission is attached in the appendix c subsequently the total rental from non permissible activities will be compared to the total turnover of the islamic reit latest financial year to obtain the percentage of rental from non permissible activities

the percentage will be used as the basis for determining the ratio of rental of non permissible activities to total rental paid by the tenant s and b for activities that do not involve the usage of space such as servicebased activities the calculation method will be based on the ijtihad of the syariah committee syariah adviser of the islamic reit
method for calculating the portion of rental of non permissible activities from the total rental paid by a tenant s operating mixed activities nonpermissible and permissible activities a calculation of the rental of non permissible activities from a tenant s operating mixed activities can be based on the ratio of area occupied for non permissible activities to the total area occupied

if the takaful schemes are unable to provide the insurance coverage then the islamic reit is permitted to use the conventional insurance schemes
an islamic reit is permitted to participate in forward sales or purchases of currency and is encouraged to deal with islamic financial institutions

appendix rental activities that are classified as non permissible a c financial services based on riba interest a c gambling gaming a c manufacture or sale of non halal products or related products a c conventional insurance a c entertainment activities that are non permissible according to the syariah a c manufacture or sale of tobacco based products or related products a c stockbroking or share trading in syariah non compliant securities and a c hotels and resorts
apart from the activities listed above the syariah committee syariah adviser can apply ijtihad for other activities that may be deemed non permissible to be included as a criterion in assessing the rental income for the islamic reit

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DOCUMENT WORD ANALYSIS

Main Category

AlHuda Material\sukuk islamic

KeyWords

reit estate invest tax trust NA account incom NA finance boardwalk manage rental busi pakistan limit leas properties NA distributable

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Number of Pages

6

Published Date

2005-11-21 08:35:35

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Guidelines for Islamic Real Estate Investment Trust

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