KUALA, LUMPUR-Axis REIT Management Sdn Bhd is listing a real estate investment trust with a value of $988 million, according to Reuters. The REIT will focus on industrial and office parks, outside of Malaysia in areas such at Australia and Hong Kong.
The report notes that CIMB Group will be the principal advisor for the IPO. The REIT will also have investments which adhere specifically to sharia law for an increasingly Islamic investment community. The portfolio would shy away from anything which might be forbidden under the Muslim religious law, such as properties which are involved in the production of pork, for example.
Sharia law is considered the word of God in Islam and what his will for mankind is; however there are varying interpretations of this law. It is not clear how the REIT will manage conflicting or more modern translations of the law in regard to its investments.
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