SECP Approves Shariah Compliant Developmental REIT Scheme
The SECP has granted clearance for the registration of Pakistan’s first Shariah-compliant Developmental Real Estate Investment Trust (REIT) Scheme under the revised REIT regulatory framework. 2015 REIT Regulation was considerably revised by SECP earlier this year.
Revisions to the REIT Regulations in 2015 only resulted in the introduction of a single rental REIT Scheme, while subsequent amendments in 2018 were unable to achieve the expected mobilisation of more REIT Schemes in the country.
The REIT Scheme contemplates investments in undeveloped property in Karachi with the objective of enhancing the area and developing the real estate, including the building and sale of apartments and commercial units by the REIT Management Company in order to generate income for unit holders.
Following registration of the REIT Scheme and authorisation for the issue of units, the REIT Scheme can acquire funds for the acquisition and development of the proposed real estate by offering units to private investors.
Better paperwork, formalisation, governance, transparency, and investor protection will result from the rise of the REITs sector, and small investors will have the potential to profit from the growth of the real estate sector.
For more information, please get in touch with Al Sadat Marketing.
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