Malaysian securities commission issues new guidelines on Islamic real estate investment trusts

The Malaysian Securities Commission (“SC”) released new guidelines on Islamic real estate investment trusts (“Islamic REITs”) on 21 November 2005. The SC’s Guidelines for Islamic Real Estate Investment Trusts (“Islamic REITs Guidelines”) must be read together with the SC’s Guidelines on Real Estate Investment Trusts (“REITs Guidelines”) that came into effect on 3 January 2005. Therefore, the issuance of an Islamic REIT must comply with both the Islamic REITs Guidelines and the REITs Guidelines.