(a) A Fund Manager, or any other Authorised Person making an Offer of a Unit of an Islamic Fund or otherwise marketing an Islamic Fund, must not include the term "Islamic Real Estate Investment Trust" or "Islamic REIT" or refer to an Islamic Fund or otherwise hold out an Islamic Fund as being an Islamic Real Estate Investment Trust or an Islamic REIT, unless it is a Public Property Fund which complies with IFR 6.8.1(b) below.
(b) An Islamic REIT is a Public Property Fund which:
(i) is primarily aimed at investments in income-generating Real Property which complies with Shari'a principles;
(ii) distributes to the Unitholders at least 80% of its audited annual net income; and
(iii) if at any time during the operation of the Islamic Fund the requirements are not met, the Fund Manager, and, if appointed the Trustee, must immediately notify the Regulator and the exchange of the failure to meet the requirements in these Islamic Finance Rules and what measures have been or will be taken to remedy the breach.