Prestasi Amanah Pelaburan Hartanah Islam (I-REITS) di Malaysia. Kes kajian : Axis Reit

Abstract

Islamic Real Estate Investment Trust (I-REITs) is introduce in 2005 by Malaysia. The differentiated between I-REIT and C-REITs, are prohibited to engage in certain activities that are deemed as non-syariah complient.The objective of this studies are to analyse the performance of I-REITs and C-REITs to look which are have better performance. There are four listed I-REITs on Bursa Malaysia and this study only choose one I-REITs and three C-REITs as a case study for the period 2007 to 2013, this study assesses the performance of the AXIS REIT represents the IREITs and Amanah Raya REIT, Quill Capita Trust and Starhill REIT represents CREITs because it has the same characteristics of diversified investment portfolio. Performance evaluation in terms of long-term investment goals using the Sharpe Index (SI) and PE Ratio (PE) and Dividend Yield (DIVY) and Dividend Pay Out (DIVP) for the short term goal. Correlation and Paired Sample T-Test is used to assess differences in the performance of both I-REITs and C-REITs which one is better. Results from the study found that the performance of the I-REITs is better than C-REITs using the long-term evaluation of Sharpe Index (SI) and short-term ratings of Dividend Pay Out (DIVP) as indicative of the performance of Real Estate Investment Trusts (I-REITs) in Malaysia.