MUSCAT: Ajman Bank has signed a Memorandum of Understanding (MoU) with GII-REIT, through which the bank will offer the investment in the fund to its customers. GII-REIT is the first real estate investment trust belonging to Gulf Islamic Investments (GII). Hani Sabri, Head of Investment at Ajman Bank, said: “signing of the memorandum of understanding with GII-REIT comes within the framework of Ajman Bank’s continuous endeavour to meet the needs of a diverse base of clients, through offering innovative and Sharia-compliant investment opportunities and solutions that are commensurate with the investment objectives of the clients and are in line with their capabilities to withstand the various risks.
Omar Mirza, the CEO GII Islamic REIT, mentioned they are in the process of on-boarding 6 properties in Dubai right now, across residential, commercial and industrial sectors, totalling around $200 million, and have identified a further pipeline of $350 million of high income generating properties in UAE. So, the $50 million being invested by Ajman Bank, will get deployed immediately in purchasing some of the properties they have short listed. Almost all properties we are investing in, comes with 3 to 5 year head leases, in order to eliminate or minimise vacancy risk for the REIT.