SINGAPORE: Sabana Shariah Compliant Industrial Real Estate Investment Trust (Sabana REIT) has passed its first annual Shariah audit since its IPO on the 26th November last year, according to an announcement by Sabana Real Estate Investment Management, its manager.
Sabana REIT’s non-permissible income constituted 0.23% of its net income, which it has disposed through contributions to charitable purposes, according to the Shariah audit conducted by Five Pillars.
The annual audit is conducted by an independent Shariah committee, which certified that the usage, gross floor area and income from each of the tenant, of all the properties owned and planned to be owned by Sabana REIT by the 25th November 2011 are Shariah compliant.