Singapore-based Emirates Tarian Capital will introduce a Sharia-compliant investment fund worth over $400 million targeting Asian properties across all sectors, its managing director said on Wednesday. "It will look at properties across the region. It will look mostly at commercial and residential and not so much at hospitality because of Sharia-compliance [requirements]," Kunalan Sivapuniam said in an interview at the Reuters Real Estate Summit in Singapore.
Sharia, or Islamic law, prohibits the leasing of real estate for purposes such as alcohol production or pornography.
The firm is 60-percent owned by Emirates Investments Group, one of the investment firms such as Dubai World and Istithmar to have emerged from the oil-rich United Arab Emirates.