Real Estate Investment Trusts in Bahrain
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On June 24, 2009 the Central Bank of Bahrain announced it had approved the first application for Real Estate Investment Trusts in Bahrain - under the Financial Trust Laws and Trust Laws of Bahrain - or Expert Collective Investment Undertaking.
Inovest REIT was established as a unit trust. Two Seas Trust is its trustee. It is Sharia-compliant, and listed on the Bahrain Stock Exchange.
Sharia-compliant prohibits some specific types of commercial real estate. Islamic REITs may not invest in conventional banks and financial companies that charge interest, because that's prohibited (haraam). So are hotels and resorts (don't ask me why), gambling, adult entertainment, sale of non-halal food (especially pork), and alcohol.
In addition, they are supposed to be especially conservative in choosing properties in which to invest. Plus, they must have a Sharia advisory board that can disapprove of proposed investments.
This is not for me, but much of it overlaps socially conscious investing in the United States. There apparently are a lot of Gulf area investors who want to receive the benefits of investing in REITs, but want to keep them within their religious beliefs.
Therefore, Islamic REITs are a growing trend in Asia and the Gulf, as REITs compete for those investment funds.
Real Estate Investment Trusts in Bahrain:
- Inovest Real Estate Investment Trust (IREIT) -- a private REIT and Shariah compliant.
That's a start. Hopefully there will soon be more Real Estate Investment Trusts in Bahrain.
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