Dubai Islamic Bank to Launch REIT
Dubai Islamic Bank is believed to be the largest Islamic financial sector/bank in UAE. Of late, a spokesperson of this banking sector has made a public announcement that it has taken initiative to bring flow and speed to real estate industry by establishing REIT or Real Estate Investment Trust in unison with French Eiffel Management.
Emirates REIT will provide financial aids to commercial and residential real estate properties which will be mainly located in Dubai International Finance Center as per the statement issued by DIB.
REIT will has both long and short term programs in hand to attract major real estate agencies inclusive of Shariah related property which covers warehouses, office and educational institutes plus car parking stations. REIT will change rental income into good dividend for the benefits of the investors as per the instruction of Adnan Chilwan who is the Chief of the retail banking at DIB.
The concerned authority has made the declaration by stating that around 80% financial gains will be converted into fresh dividends.
REIT will also create provision and scope for distributing the company's shares among real estate agents. Investors will get chance to increase their profit percentage by dealing with REIT.
New Zealand News
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