ABSTRACT
Pakistan was the first country in South Asia to introduce real estate investment trusts (REIT). In 2008, the Securities and Exchange Commission of Pakistan laid the foundation for the REIT market with the Real Estate Investment Trust Regulations. Pakistani REITs provide individual and institutional domestic investors with an opportunity to invest in real estate development and management. Pakistani REITs are different in their structure from equity REITs in the US or other emerging countries such as South Africa. Pakistan is an Islamic country; however, Islamic finance has only increased in importance. Islamic finance comprises products and services that are in compliance with Sharia law. Some Pakistani REITs such as Dolmen City REIT are Sharia-compliant, which means that their real estate investments have to adhere to Sharia law. Pakistani REITs differ significantly from REITs in developed and other developing countries, particularly with regard to their focus on Sharia compliance.
