Tuesday, Jun 23, 2009
DUBAI (Zawya Dow Jones)--Bahrain's Central Bank Tuesday said it has approved a 30 million Bahraini dinar ($79.6 million) Shariah-compliant real estate investment trust, or REIT, which will be issued by investment firm Inovest (INOVEST.BH).
The REIT, which will be known as the IREIT, will list on the Bahrain Stock Exchange, the central bank said in an emailed statement. It will be the first Shariah-compliant REIT of its kind to be launched in the MENA region, it said.
"With this launch Bahrain's financial services sector has taken a step forward and reasserted its leadership position in the region," Inovest Chief Executive Khalid Abdulla said in the statement.
By Stefania Bianchi, Dow Jones Newswires; +971 4 3644967; stefania.bianchi@dowjones.com
Copyright (c) 2009 Dow Jones & Co.
(END) Dow Jones Newswires
23-06-09 0727GMT
