Sabana Reit’s sukuk is the first sukuk ever to be convertible into units in a reit (real estate investment trust). It could signal Singapore’s push to become an Islamic financial centre.
Although Singapore boasts arguably the most complex reit markets in Asia, Sabana was the first to issue a shariah-compliant reit listed on the Singapore Exchange (SGX). It has now issued the first convertible sukuk on the SGX………………………………………..Full Article: Source