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2018
W580/2018 — Gulf Islamic Investments (DIFC) Limited
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  • W580/2018 — Gulf Islamic Investments (DIFC) Limited

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    MODIFICATION NOTICE

    To Gulf Islamic Investments (DIFC) Limited
    Address Office 13, Level 1, Gate Village Building 3, DIFC, PO Box 507240, Dubai, UAE
    DFSA Firm Reference No. F004276
    Notice No. W580/2018

    THE DFSA HEREBY GIVES NOTICE THAT:

    The Rules specified in the left hand column of the table herein do not apply to the above mentioned Person with respect to GII Islamic REIT (CEIC) Ltd (the Fund) in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

    RULES MODIFIED

    The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered.

    Rule Modified Text
    CIR 13.4.5(1)

    The Fund Manager of a Public Property Fund may borrow either directly or through its Special Purpose Vehicle for financing investment or operating purposes, but aggregate borrowings must not at any time exceed 65 50% of the gross asset value of the Fund.

    IFR 6.11.5

    A Fund Manager of an Islamic REIT may borrow either directly or through its Special Purpose Vehicle up to 65 50% of the gross asset value of the Fund provided that such borrowings are Shari'a compliant.

    CONDITIONS

    The modifications of the Rules specified above remain in effect on condition that the above named Person to whom this notice applies will only use the increase in the borrowing limit of 15% of the gross asset value of the Fund to acquire new Fund Property and not to cover operating costs.

    If the condition stated above is breached, this notice ceases to have effect immediately and the Rules specified in the table apply to the above mentioned Person to whom this notice applies in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.

    EFFECTIVE PERIOD

    This notice comes into effect on the date of issue and remains in force until further notice.

    INTERPRETATION

    The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

    Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

    THIS NOTICE IS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

    Name: Arvind Baghel


    Position: Director, Supervision
    DATE OF ISSUE: 21 October 2018