Karachi: Silk Islamic Development REIT (SIDR), Pakistan’s first Shariah-compliant Real Estate Investment Trust (REIT) in the real estate industry, has been approved by the Security and Exchange Commission of Pakistan (SECP). According to news reports.
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The multi-partnered scheme is launched by the collaboration of leading construction and financial institutions of the country, some of which includes:
- Arif Habib Dolmen REIT Management Ltd
- Yunus Brothers Group that owns Lucky Cement Ltd
- Fatima Group
- Arif Habib Corp
- Liberty Group and Arif Habib Dolmen
- Silk Bank limited
Through public-private partnerships, the initiative aims to develop land in Karachi for commercial and residential uses to enhance the real estate market.
The Arif Habib Dolmen REIT also plans to create two REITs: one for apartment building and the other for commercial development, with the Silk World Development REIT focusing on the development of villas in Karachi’s port city.