Fund Manager must ensure that it does not call, or otherwise hold out, a Fund as being an Islamic Real Estate Investment Trust or as being an Islamic REIT unless it is a Public Property Fund which is constituted in accordance with (2).
Islamic REIT is a Public Property Fund which:
(a) is constituted either as an
Investment Company or as an Investment Trust;
(b) is primarily aimed at investments in income generating
Real Property which complies with Shari'a principles; and
(c) distributes to the
Unitholders at least 80% of its audited annual net income.