01 / 25 · The Market · Paper bricks
Sukuk, REITs, and owning property without a front door.
A sukuk that owns a building is closer to this issue than a sukuk that owns a promise. A REIT still needs a screen. Neither is a Home Purchase Plan.
The Mizan desk · 7 September 2026 · 8 min
If you cannot yet buy a house, you can still be exposed to houses. Sukuk ijarah on real estate, screened property funds, and — carefully — listed REITs that pass business and financial screens. The Waterfall purchase of Gatehouse’s HPP book is the institutional version of the same idea: rent-plus-units as an asset class.
Do not launder a bond
Asset-based sukuk with a purchase undertaking that rebuilds a fixed coupon are conventional credit with Arabic. Read whether you own a share of an asset or a receivable. Purification still applies to mixed income inside a property company that runs a bar on the ground floor.