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SECP First Sharia-Compliant REIT Scheme Introduced

Karachi: According to news reports, the Securities and Exchange Commission of Pakistan (SECP) has recognised Silk Islamic Development REIT (SIDR), Pakistan’s first Shariah-compliant real estate investment trust (REIT).

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The multi-partnership programme is established by the collaboration of the country’s largest construction and financial companies, among whom are Arif Habib Dolmen REIT Management Ltd Yunus Brothers Group, which owns Lucky Cement Ltd, Fatima Group, Arif Habib Corp, and Arif Habib Dolmen Silk Bank limited.

The plan aims to develop land in Karachi for commercial and residential use through public-private partnerships in order to boost the real estate market.

In addition, the Arif Habib Dolmen REIT plans to build two REITs, one for apartment construction and the other for commercial development, with the Silk World Development REIT focusing on the development of villas in Karachi’s port city.

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Officials believe that the return on investment under the new REIT will be 30%, compared to the current return of 12% under the existing REIT.

However, the SECP made modifications to the REIT that produced the desired effect in the real estate sector, principally by granting tax exemptions to tax evaders who invested in the real estate industry. Finance Minister Shaukat Tareen is rewriting laws and regulations to make the country more investment-friendly.

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