Abstract
Purpose – The purpose of this paper is to investigate Shariah compliant real estate development financing and investment in the Gulf Cooperation Council (GCC).Design/methodology/approach – In this paper, the authors employed desk research and survey to examine issues relating to Shariah compliant real estate development financing and investment. Following the desk research, 18 in‐depth interviews were conducted with senior executives of banks, real estate developers and consultants.Findings – Equity Shariah instruments are found to be in high demand by real estate investors, however they are rarely offered by Islamic banks. In addition, the survey results confirm that Islamic financiers tend to partner real estate companies through land acquisition to post construction, contrary to how conventional financiers operate, therefore reducing moral hazard issues.Research limitations/implications – As Shariah compliant real estate research and knowledge is limited, the authors faced a challenge in getting respon...
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