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Friday, July 11, 2008

S'pore REIT to be syariah compliant

HONG KONG: Singapore's Cambridge Industrial Trust expects to declare itself "syariah compliant" early next week, sources said, in an effort to draw investment from the Middle East.

The property trust has asked the Islamic Bank of Asia to conduct due diligence, and an initial report has shown that few of its 43 assets were not in line with syariah principles.

One of the sources said the bank's syariah board was due to meet in Kuwait over the weekend and would probably give the go-ahead. A manager of Cambridge Industrial Trust declined to comment.

By Reuters

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