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Tuesday, April 28, 2009

Interest rates news focus

KUALA LUMPUR: Interest rates news is likely to be the focus this Wednesday in Malaysia as well as the US, where several indicators showed further evidence that the economy may well be in recovery mode.

This is despite US regulators saying that Bank of America and Citigroup may still need capital.

HwangDBS Vickers Research Sdn Bhd said in a report that there was “a divided consensus view” on whether Bank Negara would cut or keep the country’s key interest rate - the overnight policy rate - at 2.0%.

It added that the US Federal Open Market Committee was likely to stand pat on the key federal funds rate, which already stood at near zero.

On the local bourse, it said the KLCI might attempt to recover to 970 and beyond but “any technical rebound is not expected to sustain.”

Meanwhile, the KLCI fell 8.60 points to 957.10 at 9.30am.

Singapore’s Straits Times Index was 0.67% higher at 1,820.59 while Shanghai’s A share index was unchanged.

Taipei’s Taiex Index was up 0.58% to 5,629.20 and Seoul’s Kospi Index rose 0.96% to 1,312.74.

At Bursa Malaysia, 56 counters were up, 153 were down and 84 others were traded unchanged. There were 157.68 million shares done at a total value of RM107.47 million.

Among plantation counters, KL Kepong fell 20 sen to RM11.20, Sime dropped 15 sen to RM6.30, Asiatic lost 12 sen to RM4.76 and Kulim was 10 sen lower at RM5.40.

Adventa was up 3 sen to RM1.03, Top Glove dropped 10 sen to RM5.90 and TNB lost 10 sen to RM7.05.

Construction stocks IJM fell 12 sen to RM4.60 while MRCB gained 3 sen to RM1.06.

Nymex crude oil in electronic trade was down 42 cents to US$49.50 per barrel.

Spot gold fell US$2.40 to US$891.97 per ounce.

The ringgit was quoted at 3.608 to the US dollar.


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Source: The Star Online

Monday, April 27, 2009

Swine flu could mean new threat to US and global economy

WASHINGTON: The U.S. economy, which was showing tentative early signs of a recovery, faces a potentially grave new threat: swine flu.

A widespread outbreak could batter the tourism, food and transportation industries in particular, deepening the recession in the U.S. and possibly worldwide.

With the U.S. and the global economy already fragile, another severe blow could reverse any progress made in easing the recession.

The European Union advised against nonessential travel to the United States and Mexico.

And worried Wall Street investors pounded stocks of airline companies, hotels, cruise operators and some food firms on fears that the flu would crimp consumer demand.

But at least three major airlines said their operations are proceeding normally and have not canceled any flights to Mexico.

Brian Bethune, economist at IHS Global Insight, said, "You can argue that the swine flu amplifies the downside risks to the economy."

The U.S. economy could end up shrinking a bit more than now expected.

But most experts don't think a swine-flu outbreak by itself would eliminate many U.S. jobs or severely worsen the economy.

Simon Johnson, former chief economist to the International Monetary Fund and a professor at the Massachusetts Institute of Technology's Sloan School of Management, envisions only a "small hit" to economic activity in the United States - just a few tenths of 1 percentage point.

But if the problem persists for months, spreads broadly and leads to widespread flu cases, or even deaths, in the United States, the damage could be more severe.

It could delay an economic recovery well into 2010, said Mark Zandi, chief economist at Moody's Economy.com.

"Consumer confidence is already frayed, and something like that would push it over the edge," Zandi said.

Sherry Cooper, chief economist at BMO Capital Markets & BMO Nesbitt Burns, said: "The last thing we need is additional reason to cut spending, eliminate travel and introduce trade restrictions."

In a worst-case scenario, Bethune says the U.S. economy would contact by an extra 0.3 percent this year, on top of his prediction of a 3.5 percent drop.

That amounts to a roughly $50 billion loss of economic activity, he said.

The IMF already has predicted the U.S. economy will shrink 2.8 percent this year.

Both Bethune's and the IMF's estimates would mark the worst showing since an 11 percent plunge in 1946.

One big fear is that spooked consumers will cut back spending on travel, restaurant meals and trips to shopping malls.

Even so, the impact on the U.S. unemployment rate, which is expected to hit 10 percent by year's end, is likely to be small.

Bethune said a serious swine flu outbreak might end up raising the jobless rate a few tenths of a percentage point.

The unemployment rate is now at a quarter-century high of 8.5 percent.

Companies have laid off so many workers in the recession that they are already lean, analysts said.

Why do analysts expect only limited economic damage?

The world is now better prepared to deal with health crises, given the experience of SARS (severe acute respiratory syndrome) in 2003 and then the threat of the bird flu, Johnson and other economists said.

Vaccines can be rolled out fairly quickly. And many big companies now have contingency plans to keep essential operations going if employees can't make it to work.

"On the one hand, it's a terrible and traumatic thing - a flu pandemic," Johnson said.

"On the other hand, it almost certainly will not have a significant effect."

White House spokesman Robert Gibbs said it's a "little too early to determine the economic impact" but that the Treasury Department and agencies are "monitoring the situation and looking into it."

The swine flu outbreak started in Mexico and has spread to the United States and elsewhere.

The European Union advised against nonessential travel to the United States and Mexico.

But Dr. Richard Besser, acting head of the Centers for Disease Control and Prevention in Atlanta, called that unwarranted.

"At this point, I would not put a travel restriction or recommendation against coming to the United States," he said.

China, Taiwan and Russia, meanwhile, considered quarantines, and several Asian countries scrutinized visitors arriving at airports.

President Barack Obama said the threat of spreading swine flu infections is cause for concern but "not a cause for alarm."

Still, investors sold off stocks of companies involved in the travel and some food industries on fears the swine flu would crimp demand.

Starwood Hotels and Resorts Worldwide Inc. fell nearly 11 percent, Cruise operator Carnival Corp. 13.5 percent and Delta Air Lines Inc. 14.3 percent.

Some airline passengers have changed or canceled their plans to fly to Mexico.

"The loads are a little bit less than they normally would be for this time of day, but we are not seeing mass bookings away," said Michelle Mohr, a spokeswoman for US Airways.

American Airlines spokesman Tim Smith said his carrier has not seen large numbers of requests for travel changes, though there have been some.

Delta spokesman Anthony Black said: "We have seen minimal changes to customer bookings."

The airlines said their flights are operating as usual, with their normal slate of trips to Mexico.

Online travel agencies Orbitz Worldwide Inc. and Expedia Inc. are both waiving fees to change or cancel reservations for trips to Mexico. Priceline.com Inc. said it is matching the policies of its suppliers.

"If the supplier is waiving our fee, we're waiving our fee," said Priceline travel expert Brian Ek.

"It will depend on which carrier you're using."

The chief executive of The Cruise Outlet said his travel agency, which focuses on cruises, hasn't seen a rise in cancellations or calls from concerned passengers.

Neither Carnival nor Royal Caribbean said it plans to change its itineraries.

The flu could hurt the $5 billion export market for U.S. pork. China, Russia and Ukraine banned imports of pork and pork products from Mexico and three U.S. states that have reported cases of swine flu, and other governments were increasing screening of pork imports.

Shares of Smithfield Foods Inc., the nation's largest hog producer and pork processor, fell more than 12 percent.

Even though it's safe to eat pork (swine flu viruses don't spread through food), analysts still fear that consumers could shy away from eating pork and shift to other meats like chicken or beef.

"Though there is no evidence that swine flu can be obtained by eating pork, the fear generated by a disease named after hogs cannot be good for pork consumption," said JPMorgan analyst Ken Goldman.

Grocers have begun to face questions from concerned shoppers about any dangers of eating pork, Goldman said.

The industry-funded National Pork Producers Council launched a public relations effort to reassure consumers, saying the flu has not been detected in any U.S. swine herds.

The group said cooking pork would kill any traces of the virus and the sickness is spread only from human-to-human contact.

Tyson Foods Inc., the nation' second-biggest pork producer, was somewhat shielded from a drop in pork demand because the company also sells beef and chicken products and could benefit from an increase in demand for them. - AP

Government goes easy on financial sector

THE STAR ONLINE

Foreign ownership to rise from 49 to 70 percent equity
Zeti: Changes to local financial sector a gradual process


PUTRAJAYA: The Government will issue up to nine new banking and insurance licences until 2011 and allow foreigners to own up to 70% equity in the country’s Islamic banks, investment banks and insurance companies.

Prime Minister Datuk Seri Najib Tun Razak said the liberalisation package, comprising six thrusts, was aimed at enhancing Malaysia’s linkages with international economies.

“It will also bring about greater confidence into the economy and promote better economic regional integration,” Najib said when announcing the steps at his office yesterday.

Najib, also the Finance Minister, said there would be flexibility in allowing for an increase in foreign equity ownership limits of investment banks, Islamic banks, insurance companies and takaful operators from 49% to 70%.

“Such alliances will strengthen business potential and enhance growth prospects of financial institutions through the international expertise and global networks of foreign shareholders,” he said.

However, the foreign equity limit for commercial banks would remain at the current 30%, said Najib.

He said new licences for seven banks and two family takaful players would also be issued.

Under this, a maximum of two new Islamic banking licences would be issued to foreign players to establish banks with paid-up capital of at least US$1bil (RM3.62bil).

Also, two new commercial banking licences for foreign players that would bring in specialised expertise would also be issued.

These four licences would be issued this year, together with the two new family takaful licences.

In 2011, up to three new commercial banking licences would be issued to world-class banks.

The Government, Najib added, would offer operational flexibility to foreign institutions to increase the number of branches, while locally incorporated foreign commercial banks could establish four new full-fledged branches from 2010, and 10 micro-finance branches starting this year.

Effective June 1, holding companies in Labuan, incorporated under the Offshore Companies Act 1990, would be given flexibility to establish an operational and management office in Kuala Lumpur.

Najib said that offshore banking institutions and insurance companies licensed by the Labuan Offshore Financial Services Authority (Lofsa), which met the predetermined criteria, could be allowed to have a physical presence onshore from 2010 and 2011 respectively.

“Greater flexibility will also be accorded for employment of expatriates in specialist areas able to contribute to the development of the financial sector,” he said.

Najib said that over the last three years, the finance and insurance sector had expanded by 8.8% per annum, outpacing the growth in real gross domestic product of about 6%.

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Tuesday April 28, 2009
By MAZWIN NIK ANIS

Sunday, April 26, 2009

Malaysia - TheStar - Still some momentum ahead

Monday July 2, 2007
By ONG CHEE TING


The Government may be considering measures to encourage more property ownership for the mass market after the earlier initiatives to spur activities in the medium to high-end segment.
SINCE the relaxation of residential ownership rules for foreigners and the real property gains tax (RPGT) waiver, high-end residential properties in Malaysia have attracted a fair amount of interest from abroad.


The changes initiated by the Government, which were targeted at stimulating property activities in the medium- to high-end segment, have thus far mainly benefited the high-end segment of the market.

In the last six months, we have seen greater interest from foreign buyers (as well as local buyers) looking to get into the Malaysian residential property market, which is relatively cheaper vis-à-vis global prices. The RPGT waiver was therefore timely in speeding up acquisitions in Kuala Lumpur.

With the anticipated 4.3% appreciation of the ringgit against the US dollar to RM3.30 (from RM3.45 currently) by year end and eventually RM3.10 by end-2008, the investment proposition in Malaysian assets has an added sweetener.

Developers with ongoing developments were seen raising selling prices by 5% to 100% year-on-year from their launch prices. Just last year, eyebrows were raised when high-end properties around the Kuala Lumpur City Centre (KLCC) were going for RM1,000 per sq ft (psf). Today, the upcoming Four Seasons is said to fetch RM2,000 psf.

We expect the pricing gap between mass market and high-end residences in Malaysia to continue to widen in line with the regional phenomenon, as petrodollars and stock market wealth continue to have spill-over effects on property demand in Malaysia as prices remain cheap vis-à-vis regional peers.

With the recent spike in property prices, we are also experiencing a spike in land prices around the KLCC vicinity. We understand that a piece of land along Jalan Kia Peng, where the present Hakka Restaurant is located, was sold via tender for over RM1,300 psf in 2Q07 – a record price.
This was more than 30% above Glomac’s recent purchase of 1.3 acres of freehold commercial land at RM1,000psf (at the junction of Jalan P. Ramlee and Jalan Pinang) in 4Q06.

We believe the current high-end residential prices are sustainable and may continue to set new records as long as the political and economic climates of Malaysia and the world remain favourable, and Malaysia remains business friendly.
Unlike typical residential investments which require investment returns (in the form of rental), the high-end residential game plan differs with the surplus liquidity in the world. Buyers of these properties have varying reasons for such purchases – speculation, prestige, address, excess cash, and status, to name a few. We understand that high-end residences in Dubai are a classic example, whereby rental returns are almost non-existent, despite soaring prices of over US$1,000 psf.

More incentives to come

Following the initiatives benefiting high-end residences, we believe the Government is also looking at options to encourage more property ownership for the mass market. Among the speculated measures that the Government is considering are:

• Restructuring of EPF depositors’ acco-unts to allow for more withdrawals. We understand that there may be plans to restructure the monthly contribution to Accounts I and II from 70%:30% presently to about 50%:50%; and/or to allow simultaneous withdrawals from Account II for purchases of second houses without the need to sell the first house funded by EPF savings.

• A potential temporary waiver or reduction of stamp duty tax, as was the case in 2003, where for a period of one year starting from June 1, 2003, purchases of houses priced at RM180,000 and below from the developers were eligible for stamp duty exemptions, and the secondary market was exempted from RPGT.

• Further relaxation of property ownership. There are talks that the Government may consider extending the relaxation of rules to commercial properties, to encourage more direct investments. However, we note that foreign ownership remains a delicate issue in the country. And without a comprehensive restructuring plan to liberalise the economy in place, any long-term benefits of such a measure remain opaque.

• Fine-tuning the Malaysia My Second Home Programme. The present Malaysia My Second Home programme has had mixed results, with some suggesting that it is drawing the wrong group of people into the country. The Government is mindful of the present outcome, and we understand regulations may be fine-tuned to attract the “right” group of people to stay in Malaysia.

• While this initiative is unlikely to have a significant impact on the property market in the short term, it will nonetheless draw more foreign investments into the country over the longer run and benefit retail spending, tourism and the healthcare industry in the country.

• Non-competitive REIT structure. One of the common complaints we gathered from local and foreign investors in our past roadshows, is a lack of tax incentives for real estate investment trusts (REITs) in Malaysia. Despite Malaysia’s introduction of a lower 15% withholding tax (WHT) for individuals (previously at individuals’ prevailing tax rates) and 20% WHT for institutional investors (previously at the corporate tax rate of 28%) in last year’s budget, Malaysia’s attractiveness as a REIT investment destination still lags behind its peers in the region.

Further REIT tax incentives to revive interest


The current withholding tax structure for Malaysian REITs is generally seen to be hampering REITs’ price performance, and an obstacle in attracting new equity issuances among existing players.

The existing structure is also discouraging others from joining the bandwagon, as potential players are enticed by better valuations in other regional markets.
We believe the Government is aware of the need to provide more incentives to make our REITs more competitive and on par with the regional peers.
We remain overweight on the property sector, as it is set to gain further boost ahead of the upcoming general election.

Among property sector players, we like Sunrise and YNH Property for exposure to high-end developments, Mah Sing for its unique business model, SP Setia and WCT Land for their exposure to the mass market, and Sunway City for both property development and asset reflation play.

Among REITs, we prefer exposure to commercial related REITs.


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(Source: The Star Online, 2007)

Thursday, April 23, 2009

New SC measures to boost REITs industry

The SC in its revised REITS guidelines which came into effect on 21 August 2008, has just announce some of the following measures to enhance the attractiveness of Bursa Malaysia as a destination for REIT listings and promote a vibrant and competitive REIT industry domestically and regionally:

•REIT would now be able to acquire property under construction or uncompleted real estate. However, a REIT is only allowed to acquire property under construction or uncompleted real estates up to 10% of their total asset value.


•REITs still cannot acquire non-income generating real estates such as vacant land.

•More freedom for REIT managers to invest in foreign real estate

•Allowing a portion of a REIT’s portfolio to consist of properties it does not wholly own or have majority ownership.

•REIT managers had to appoint a designated person responsible for compliance. This is to ensure that securities laws, land laws and guidelines and rules are complied with at all times.

•On the issue of units for cash (other than rights issue), the number of units to be issued must not exceed 20% of the approved fund size while the placement to one single placee must not exceed 10% of the approved fund size.

•Foreigners can now own up to 70% of the real estate investment trusts (REIT) management companies, up from 49% since 2005.

According to experts, benefits/effects accruing from the above are:

•REITS are able to acquire partially completed building REIT could now participate in the construction too. A REIT will then be able to buy assets at a lower price and if there is a contracted tenant, as a result the REIT can obtain higher yield.


•There are some clear move that that SC’s is moving toward enhancing corporate governance among REITs, including the setting up of internal auditors and the harmonising of the rules for REITs was good.

•The SC’s conditions for issuance of units for cash other than rights issues-this could hinder the capital raising exercises of smaller REITs whose fund size is less than RM100mil. However, this ruling would not have an effect on the larger players.

•REIT managers would have more freedom to invest in foreign real estates.

•It also allowed a portion of a REIT’s portfolio to consist of real estates that it does not wholly own or have a majority ownership.

•REIT Managers are now able to raise funds faster for acquisitions or capital expenditure purposes.

•REIT Managers are now allow to seek a general mandate from unit holders for issuance of units up to 20% of its fund size. Previously, the issuance of any number of new units required REIT Managers to hold meetings to seek unit holders’ specific approval.
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Source: http://reits.a-z-finance.net/

Updates On Witholding Tax Rate On Malaysian REITs

Malaysian reits have been disadvantaged by the following existing unfavorable witholding tax rate:

•foreign institutional investors especially pension funds and collective investment funds receiving income fro REITs listed in Bursa Malaysia are currently subject to a final witholding tax rate of 20% for 5 years; and

•non-corporate investors including resident and non-resident individuals as well as other local entities receiving income from REITs listed in Bursa Malaysia are currently subject to a final witholding tax of 15% for 5 years

Good news are in, as the Budget 2009 has allows the final witholding tax rate imposed on foreign institutional as well as non-corporate investors including individual residents and non-residents reduce to 10% . This is effective from 1.1.2009 until 31.12.2011

Wednesday, April 22, 2009

Malaysian Reits

Investors are spoilt for choice in their search for yield as many shares and most of the real estate investment trusts (REITs) in Malaysia offer dividend yields in the high single digit to low teens. Like their counterparts in the developed markets, however, they are also scared and uncertain if both the yield and capital value of REITs will hold.

A sell-down in REITs last year that intensified in December has pushed their unit prices lower and, therefore, lifted their yields. Axis REIT, for instance, fell from a 52-week high of RM2.00 and from RM1.20 in late November to RM1.00 less than two weeks later. It has since recovered to around the RM1.20 level.

Such price fluctuations may be the norm in these volatile markets but retail, and even institutional investors, did not expect prices for REITs to swing like that. Typically, REITs have tenancies leased for a number of years in contrast with trading businesses in which revenue varies from day to day or contract to contract.

REITs, of course, face the property market risk of tenants moving out and in the global credit crunch, the risk in rolling over their loans. Prices of REITs also fell in the general sell-off of securities by investors going into cash.

As a result, Axis REIT was carrying a historical yield of about 13% for 2008, annualising its nine-month income distribution.

REITs in Singapore and Hong Kong showed similar, or even higher, historical yields as their unit prices fell further, reflecting the greater risks in the property markets there.

Starhill Global REIT, the former Macquarie Pacific REIT, listed in Singapore, shows a historical yield of 13.6% with its units traded at 52 cents. That is still much lower than the 82 cents a unit that YTL Corp Bhd paid for a 26% stake in the REIT. Furthermore, the REIT now has the support of the very large YTL group.

On Dec 23, Starhill told the Singapore Exchange it is consulting its legal advisers to assess Future Revolution’s and Futuregement’s ability to meet their obligations to the REIT’s properties in Japan.
Future Revolution and related entities directly occupy 33% of the space in Starhill’s Japanese properties. The bulk of Starhill’s properties are, however, in Singapore.

Fortune REIT, with retail properties in Hong Kong but listed in Singapore, was yielding as high as 18% for 2008, one of the highest in the sector. The REIT is sponsored by Cheung Kong (Holdings) Ltd, the flagship company of Li Ka-shing. Interestingly, a report by Macquarie Research forecasts Fortune REIT’s high yield will be sustained this year.

A yield of even 10% is very high for any asset class and if the Malaysian REITs can sustain their current yields, this is a rich field for investors in search of income.

High yields prevent expansion

The window of expansion for real estate investment trusts (REITs) has closed for the time being as their high yields preclude the possibility of any yield-enhancing acquisitions.

When the stock market was buoyant last year, prices for the units of REITs were higher and their yields were thus lower, at around 7% and even as low as 3%.

With that, it was possible for REITs to purchase properties that yield 8% to 9% and that would increase the yield of the trust.

With current yields of about 10% in the REITs, any purchases of properties with yields below that would reduce the trust’s yield.

It appears that even where the REIT promoter thinks it will be fruitful to purchase a property with a yield lower than the trust’s, shareholders may reject it.

That happened at Atrium REIT which proposed to purchase an industrial property for RM17.8mil cash from a related party. This is not unusual because sponsors provides a pipeline of properties for many of their REITs.

However, as the property offered a yield of 8.75%, lower than Atrium’s own yield that was then about 10%, minority unitholders rejected the purchase resolution at an EGM in November.

The financing window for REITs is also, for the moment, closed. REITs need to issue new units to raise capital now and then so as to raise their borrowing capacity and to repay loans.

REITs are regulated to maintain borrowings below 50% of their total assets but they do not retain the cashflow to repay their loans. They normally pay out 90% of their income so as to qualify for tax exemption, which leaves very little for loan repayment. Some REITs have a policy of distributing 99% of their income.

With the units of some the REITs trading below their par value and a lack of institutional interest, REITs will have to wait for markets to improve before they can substantially expand their asset size.

Fundamental flaws in trusts

Real estate investment trusts (REITs) are pitched to retail investors, including moms and pops and retirees, that they are a handy alternative to owning a house or condomium for rental income.

In a REIT, maintenance and tenancies for the properties are handled by a manager whereas an individual, buying a house to rent out, has to look for a tenant, ensure rents are paid and done so on time, and he has to take care of repairs and maintenance himself. REITs are, therefore, appealing to busy investors and retirees who do not want the drudgery of that work.

The price performance of REITs last year, however, show it does not mirror that of real properties. While a house of RM500,000 has held up its value so far, the value of REITs would easily has lost 50% in the last 12 months.

The first difference is that REITs are listed in stock markets and, like all listed securities, are subject to a sell-down whenever there is fear.

Secondly, REITs in most markets finance their property purchases with short-term loans. This exposes them to risks of banks willing to refinance and higher interest rates. This is an aspect not considered by many retail investors even if the facts were made known by the REITs in their prospectuses.

Would they buy a house with a loan repayable in five years or less? Probably not, but that’s the characteristic of a REIT. In some cases, a REIT may have its borrowings due within the year.

The reason for a preference for short-term debt could be that interest costs are lower than long-term debt, which boosts the bottomline. If REIT prices move up, they can issue more units to pare down debts, or make more purchases.

Last year, investors in Singapore heaved a sigh of relief that CapitaCommercial Trust, a REIT managed by the CapitaLand Ltd group, obtained a three-year loan of S$580mil at a very favourable rate of about 4% a year to refinance a loan coming due in March. Earlier, there were concerns that banks might charge 7% or 8% which would knock off a lot of its income.
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Source:

http://www.malaysianpropertypartners.com/

Introduction to Real Estate Investment Trust (REITs)

Since lots of people not sure what is REITS, I would like to share what is actually it is..
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What is a REIT?

A real estate investment trust, or REIT, is a company that owns, and in most cases, operates income-producing real estate. Some REITs also engage in financing real estate. The shares of many REITs are traded on major stock exchanges. (In Malaysia - Bursa Malaysia). As pass-through entities, whose main function is to pass profits on to investors, a REIT's business activities are generally restricted to generation of property rental income. Another major advantage of REIT investment is its liquidity (ease of liquidation of assets into cash), as compared to traditional private real estate ownership which are not very easy to liquidate. One reason for the liquid nature of REIT investments is that its shares are primarily traded on major exchanges, making it easier to buy and sell REIT assets/shares than to buy and sell properties in private markets.

REITs are classified in the following categories:
• Equity REITs own and operate income-producing real estate.
• Mortgage REITs lend money directly to real estate owners and their operators, or
indirectly through acquisition of loans or mortgage-backed securities.
• Hybrid REITs are companies that both own properties and make loans to owners and
operators.

To qualify as a REIT, a company must have most of its assets and income tied to real estate investment and must distribute at least 90 percent of its taxable income to shareholders annually in the form of dividends. A company that qualifies as a REIT is permitted to deduct dividends paid to its shareholders from its corporate taxable income. As a result, most REITs historically remit at least 100 percent of their taxable income to their shareholders and therefore owe no corporate tax. Taxes are paid by shareholders on the dividends received and any capital gains. Most states honor this federal treatment and also do not require REITs to pay state income tax. Like other businesses, but unlike partnerships, a REIT cannot pass any tax losses through to its investors
.

10 WASIAT IMAM HASSAN AL-BANNA

10 WASIAT IMAM HASSAN AL-BANNA


1. APABILA MENDENGAR AZAN MAKA BANGUNLAH BERSOLAT SERTA MERTA WALAU APA JUA KEADAAN SEKALIPUN.

2. BACALAH AL-QURAN ATAU TATAPILAH ILMU ATAU PERGILAH MENDENGAR PERKARA YANG BAIK ATAU BERZIKIR.JANGAN SAMA SEKALI MEMBUANG MASA DALAM PERKARA YANG SIA-SIA.

3. BERUSAHALAH SEDAYA UPAYA BERTUTUR DALAM BAHASA ARAB FUSHAH KERANA IANYA SALAH SATU SYIAR ISLAM.

4. JANGANLAH BANYAK BERDEBAT DALAM APA PERKARA SEKALIPUN KERANA PERTENGKARAN KOSONG TIDAK MENDATANGKAN SEBARANG KEBAIKAN.

5. JANGANLAH BERGURAU KERANA UMAT YANG BERJIHAD SENTIASA BERSUNGGUH- SUNGGUH DAN SERIUS DALAM SETIAP PERKARA.

6. JANGAN BANYAK KETAWA KERANA HATI YANG SENTIASA BERHUBUNG DENGAN ALLAH ADALAH SENTIASA TENANG LAGI TENTERAM.

7. JANGANLAH BERCAKAP LEBIH NYARING DARIPADA YANG DIKEHENDAKI OLEH PENDENGAR KERANA IA MENJEMUKAN DAN BOLEH MENYAKITI PENDENGARAN

8. JAUHI DARIPADA MENGUMPAT PERIBADI ORANG, MENGECAM PERTUBUHAN- PERTUBUHAN DAN JANGAN BERCAKAP MELAINKAN PERKARA YANG MENDATANGKAN KEBAIKAN.

9. BERKENALANLAH DENGAN SETIAP RAKAN YANG DITEMUI SEKALIPUN TIDAK DIMINTA BERBUAT DEMIKIAN KERANA ASAS DAKWAH IALAH BERKASIH SAYANG DAN BERKENALAN.

10. KEWAJIPAN LEBIH BANYAK DARI WAKTU, OLEH ITU BANTULAH RAKAN UNTUK MEMANFAATKAN WAKTU DAN JIKA BERURUSAN MAKA SINGKATKANLAH MASA PERLAKSANAANNYA
.

Tuesday, April 21, 2009

SAND AND STONE

Sand and Stone

TWO FRIENDS WERE WALKING
THROUGH THE DESERT.
DURING SOME POINT OF THE
JOURNEY,
THEY HAD AN ARGUMENT;
AND ONE FRIEND
SLAPPED THE OTHER ONE
IN THE FACE.

THE ONE WHO GOT SLAPPED
WAS HURT,
BUT WITHOUT SAYING ANYTHING,
WROTE IN THE SAND:

TODAY MY BEST FRIEND
SLAPPED ME IN THE FACE.

THEY KEPT ON WALKING,
UNTIL THEY FOUND AN OASIS,
WHERE THEY DECIDED
TO TAKE A BATH

THE ONE WHO HAD BEEN
SLAPPED GOT STUCK IN THE MIRE !
AND STARTED DROWNING,
BUT THE FRIEND SAVED HIM.

AFTER HE RECOVERED FROM
THE NEAR DROWNING,
HE WROTE ON A STONE:

'TO DAY MY BEST FRIEND
SAVED MY LIFE '.

THE FRIEND WHO HAD SLAPPED
AND SAVED HIS BEST FRIEND
ASKED HIM,
'AFTER I HURT YOU,
YOU WROTE IN THE SAND AND NOW,
YOU WRITE ON A STONE, WHY?'

THE FRIEND REPLIED
'WHEN SOMEONE HURTS US
WE SHOULD WRITE IT DOWN
IN SAND,
WHERE WINDS OF
FORGIVENESS CAN ERASE IT AWAY.
BUT, WHEN SOMEONE DOES
SOMETHING GOOD FOR US,
WE MUST ENGRAVE IT IN STONE
WHERE NO WIND
CAN EVER ERASE IT.'

LEARN TO WRITE
YOUR HURTS IN
THE SAND AND TO
CARVE YOUR
BLESSINGS IN STONE.

THEY SAY IT TAKES A
MINUTE TO FIND A SPECIAL PERSON,
AN HOUR TO APPRECIATE THEM,
A DAY TO LOVE THEM,
BUT THEN
AN ENTIRE LIFE
TO FORGET THEM
.

Monday, April 20, 2009

Panduan Mengkhusyukkan Sembahyang









** - Panduan Mengkhusyukkan Sembahyang - **

1. Memakai pakaian yang bersih dan suci lagi kemas serta bau-bauan yang diharuskan dan sentiasa sembahyang di awal waktu kecuali jika ada sesuatu majlis atau keuzuran.

2. Tidak memandang ke kiri atau ke kanan sebaliknya terus memandang ke tempat sujud.

3. Menyemaikan di dalam hati perasaan takut dan rendah diri terhadap Allah yang Maha Melihat setiap gerak-geri kita.

4. Menumpukkan pandangan ke tempat sujud dan tidak banyak menggerakkan anggota badan dalam sembahyang.

5. Membanyakkan sedekah terutamanya kepada golongan fakir miskin.

6. Memastikan tidak ada gangguan di dalam kawasan atau persekitaran sembahyang.

7. Cuba memahami segala isi bacaan dalam sembahyang termasuk ayat Al Quran, zikir dan tasbih.

8. Mengambil wuduk dengan sempurna supaya air merata pada semua bahagian anggota yang wajib dan membaca doa apabila air melalui di tiap-tiap anggota tersebut.

9. Membaca surah An-Nas, selawat ke atas Rasulullah SAW, istighfar dan apa-apa bacaan untuk menjauhkan gangguan syaitan sebelum takbir.

10. Tidak menahan diri dari membuang air kecil atau air besar sebelum sembahyang sebaliknya hendaklah ditunaikan hajat itu.

11. Menjaga makan dan minum dan memastikan sumbernya dari yang bersih lagi halal serta menjauhi makanan yang haram dan syubahat.

12. Memastikan di bahagian hadapan tempat sujud tidak ada gambar yang boleh menarik pandangan yang menyebabkan fikiran dan hati terganggu.

13. Banyak mengingati mati dan menganggap sembahyang yang dilakukan itu adalah sembahyang yang terakhir dalam hidupnya.

14. Menyedari hakikat yang ianya sedang berhadapan dengan Allah yang Maha Agung dan Maha Mengetahui akan segala rahsia hambanya.

15. Memusatkan seluruh ingatan dan tumpuan pada sembahyang serta melambatkan bacaan tasbih.

Sunday, April 19, 2009

What happened to this man on his way to masjid?

A man woke up early in order to pray the Fajr prayer in the masjid. He got dressed, made his ablution and was on his way to the masjid.

On his way to the masjid, the man fell and his clothes got dirty. He got up, brushed himself off, and headed home. At home, he changed his clothes, made his ablution, and was, again, on his way to the masjid.

On his way to the masjid, he fell again and at the same spot! He, again, got up, brushed himself off and headed home. At home he, once again, changed his clothes, made his ablution and was on his way to the masjid.

On his way to the masjid, he met a man holding a lamp. He asked the man of his identity and the man replied 'I saw you fall twice on your way to the masjid, so I brought a lamp so I can light your way.' The first man thanked him profusively and the two where on their way to the masjid.

Once at the masjid, the first man asked the man with the lamp to come in and pray Fajr with him. The second man refused. The first man asked him a couple more times and, again, the answer was the same. The first man asked him why he did not wish to come in and pray. The man replied 'I am Satan.'

The man was shocked at this reply. Satan went on to explain, 'I saw you on your way to the masjid and it was I who made you fall.

When you went home, cleaned yourself and we nt back on your way to the masjid, Allah forgave all of your sins. I made you fall a second time, and even that did not encourage you to stay home, but rather, you went back on your way to the masjid.

Because of that, Allah forgave all the sins of the people of your household . I was afraid if i made you fall one more time, then Allah will forgive the sins of the people of your village , so i made sure that you reached the masjid safely.'

So do not let Satan benefit from his actions.Do not put off a good that you intended to do as you never know how much reward you might recieve from the hardships you encounter while trying to achieve that good.

Thursday, April 16, 2009

Hati umat Islam berkarat jika meninggalkan zikir





Jiwa orang selalu ingat Allah sentiasa bening, tenang walaupun banyak masalah hidup

ORANG dalam hatinya terpancar keimanan kukuh, akan selalu giat berusaha sepanjang langkah usianya untuk bertaqarub kepada Allah kerana didorong rasa cinta mendalam terhadap-Nya. Kasih sayang dan kecintaan kepada Allah menjadikan seseorang itu sentiasa rindu pada-Nya.

Ibarat seorang anak muda sedang mabuk asmara, selalu terkenang-kenang si buah hatinya. Orang yang beriman, ingatannya tetap bergetar tulus kepada-Nya tanpa mengira waktu dan tempat. Bagi mukmin sejati, zikir dan hati adalah satu nyawa, tidak boleh dipisahkan.

Ia ditegaskan Ibn Taimiyah: "Zikir bagi hati adalah umpama air bagi ikan, bagaimana keadaan ikan apabila berpisah daripada air?"


Inilah gambaran orang beriman, yakin percaya kepada Allah dan menginsafi diri tidak lebih sebagai seorang hamba sangat lemah yang selama ini menerima nikmat Allah tidak terhitung banyaknya.

Hal ini menepati firman Allah yang bermaksud: "Wahai orang beriman, (untuk bersyukur kepada Allah) ingatlah serta sebutlah nama Allah dengan ingatan serta sebutan yang sebanyak-banyaknya; dan bertasbihlah kamu kepada-Nya pada waktu pagi dan petang." (Surah al-Ahzab, ayat 41-42)

Kebanyakan masyarakat faham zikir hanya kata-kata yang dilafazkan saban kali habis menunaikan solat fardu, solat sunat atau membisik doa ketika ingin makan, memulakan sesuatu kerja yang baik, terjaga dan tidur serta bersin.


Padahal hakikat zikir kepada Allah sebenarnya tidak tertentu kepada zikir lisan semata-mata seperti mana ditegaskan Al-Imam An-Nawawi, bahawa zikir tidak terbatas kepada tasbih, tahlil, takbir dan lain-lain zikir lisan, mereka yang bekerja kerana Allah juga orang yang berzikir kepada Allah.

Pendapat beliau disokong Basri Ibrahim Al-Azhari dalam bukunya Salah Faham Terhadap Konsep Ibadah, Ilmu dan Zikir, bahawa setiap orang yang taat kepada Allah, mengikut segala diperintahkan dan meninggalkan dilarang oleh-Nya dikira sebagai orang yang berzikir.

Zikir terbahagi kepada tiga bahagian iaitu zikir hati, lidah dan anggota. Zikir hati memikirkan keagungan dan kebesaran Allah di bumi, langit dan seluruh kejadian makhluk-Nya. Zikir lidah pula melantunkan puji-puji kepada Allah, mensyukuri nikmat kurniaan-Nya, menyeru masyarakat ke arah ajaran Islam, menerangkan kebaikan syarak, menjelaskan hikmah pada perintah dan larangan Allah, memberi nasihat kepada sesama Islam.

Sementara zikir anggota pula menggunakan anggota badan untuk melakukan amalan ketaatan, sama ada dalam bentuk melakukan segala suruhan atau meninggalkan segala larangan Allah.
Orang yang lupa atau lalai kepada Allah, hatinya selalu dirundung resah gelisah, tenggelam dalam kebimbangan dan sengaja meletakkan dirinya di tempat mengundang kemurkaan Allah lantaran tidak rasa bersalah terhadap kemungkaran dilakukan.

Lupa kepada Allah menandakan hati seseorang itu sudah berkarat dengan sifat mazmumah yang sangat keji. Orang beriman tidak akan membiarkan hatinya berkarat dan penuh dengan kekotoran, ia akan sentiasa menggilap hatinya dengan berzikir kepada Allah.

Ibnu al-Qayyim al-Jauziyah pernah berkata: "Tidak dimungkiri bahawa hati itu dapat berkarat seperti berkaratnya besi dan perak. Alat yang dapat membersihkan hati berkarat adalah zikir. Zikir dapat membersihkan hati berkarat sehingga dapat berubah menjadi bening seperti cermin yang bersih. Apabila seseorang meninggalkan zikir, hatinya akan berkarat. Dan apabila ia berzikir, hatinya akan bersih."

Sesungguhnya seseorang yang lalai daripada mengingati Allah bermakna dirinya dihinggapi penyakit sombong, lupa asal kejadian diri sebagai makhluk lemah yang diciptakan semata-mata supaya mengabdikan diri kepada-Nya dan mewarisi sifat orang munafik.

Firman Allah yang bermaksud: "Sesungguhnya orang munafik itu menipu Allah dan Allah akan membalas tipuan mereka. Dan, apabila mereka berdiri untuk solat, mereka berdiri dengan malas. Mereka bermaksud riak (dengan solat) di hadapan manusia. Dan, tidaklah mereka menyebut Allah, kecuali sedikit sekali." (Surah an-Nisa, ayat 142)

Setiap mukmin sewajarnya menjadikan zikir sebagai sesuatu yang tidak terpisah daripada kehidupan seharian kerana banyak keistimewaan bakal diterima oleh orang yang sentiasa berzikir.

Kitab Tanbih al-Ghafilin menyatakan lima kelebihan dan faedah berzikir, iaitu mendapat keredaan Allah, menambahkan kesungguhan melaksanakan ketaatan, terkawal daripada hasutan syaitan, melembutkan hati dan mencegah daripada melakukan maksiat.

Orang yang memperbanyakkan zikir, dosanya akan diampuni sekali gus mendapat ganjaran pahala besar seperti firman yang bermaksud: "Lelaki dan perempuan yang banyak menyebut (nama) Allah, Aku sudah menyediakan untuk mereka ampunan dan pahala yang besar." (Surah al-Ahzab, ayat 35)

Orang yang selalu ingat kepada Allah jiwanya menjadi bening dan tenang, sekalipun sedang menghadapi banyak permasalahan hidup, ujian, musibah dan seumpamanya. Firman Allah yang bermaksud: "Ingatnya, hanya dengan mengingat Allah hati menjadi tenteram." (Surah al-Ra'ad, ayat 28)

Sesungguhnya dengan selalu ingat kepada Allah, akhlak diri menjadi indah dan menarik, sekali gus menjadi cermin bagusnya nilai ajaran Islam dan hebatnya orang mukmin pada mata orang bukan Islam seperti pernah ditunjukkan junjungan besar Nabi Muhammad SAW.

Jangan jadikan sibuk dengan urusan kehidupan di dunia sebagai alasan lupa kepada Allah. Sungguh Allah melarang keras seseorang memiliki sifat lalai seperti ditegaskan firman yang bermaksud: "Janganlah kamu termasuk orang-orang yang lalai." (Surah al-A'raf, ayat 205)




Sumber : BHarian 2009/04/10

Wednesday, April 15, 2009

Erti Cinta & Perkahwinan

Suatu pagi yang dingin, terjadilah satu perbualan antara seorang guru falsafah dan pelajarnya...

pelajar: guru, apakah erti cinta..? bagaimanakah saya boleh mendapatkannya...?

guru: ada sebuah ladang gandum yang luas didepan sana ,berjalanlah kamudan jangan sesekali kamu berundur. kemudian ambillah satu ranting. sek ira nyakamu mendapati ranting tersebut sangat menakjubkan, ertinya kamu telahmenemui cinta.

pelajar tersebut pun berjalan dan tidak berapa lama dia kembali dengan tangan yang kosong.

guru bertanya: mengapa kamu tidak membawa sebatang ranting pun...?

pelajar menjawab: saya hanya terpaksa memilih satu ranting saja, dan sewaktu berjalan saya tidak boleh mengundur kebelakang semula. sebenarnya saya telah berjumpa dengan satu ranting yang paling menakjubkan tapi saya tak tahu apakah yang akan menakjubkan di hadapan sana nanti, maka saya biarkan ranting itu lalu saya dapati tidak ada lagi ranting yang paling menakjubkan selain daripada yang saya lihat tadi. jadi saya tidak mengambil sebatang pun akhirnya.

gurunya menjawab: ye, itu lah cinta...

dihari lainnya pula pelajar tersebut bertanya kepada gurunya, apa itu perkahwinan...?

guru: ada hutan yang subur didepan sana . berjalanlah kamu.tapi janganlah kamu sesekali mengundur kebelakang. tebanglah sepohon pokoksaja. dan tebanglah jika kamu merasakan bahawa pohon tersebut adalah yangpaling cantik,segar dan tinggi, kerana kamu telah menemukan apa itu perkahwinan.

pelajar tersebut pun berjalan, dan tidak berapa lama, dia datang semula dengan membawa sepohon kayu, walaupun pohon tersebut tidaklah berapa segar, cantik dan tinggi pada pandangan guru tersebut.

maka gurunya pun bertanya: mengapa kamu memotong pohon seperti ini....?

pelajar itu menjawab: sebab, berdasarkan pengalaman ku sebelum ini, aku hanya berjalan separuh daripada hutan tersebut dan aku takut akan kembali dengan tangan kosong. jadi saya mengambil kesempatan menebang pohon ini lalu dibawa kesini. pada pandangan saya ianya adalah pohon yang terbaik buat saya. saya tidak mahu kehilangannya atau menyesal kerana tidak memilihnya...

maka guru itu menjawab: itulah perkahwinan.......

tamat....


Kesimpulannya, usahlah terlalu memilih cinta, ditakuti anda akan terlepasnya, dan janganlah terlalu memilih jodoh, terimalah pasangan anda dengan seadanya. Tidak ada manusia yang sempurna di dunia ini. Setiap insan pasti ada kelebihan dan kekurangannya .

Kita Ibarat Pinggan

Andaikan 3 individu berbeza meminjam sebiji pinggan daripada kita.. Selang beberapa tempoh masa, individu pertama memulangkan pinggan tersebut dalam keadaan bersih cantik tanpa sebarang kecacatan.. Lalu kita pun terus meletakkannya di atas rak pinggan mangkuk seperti keadaan asalnya.

Individu kedua pula memulangkan pinggan tersebut dlm keadaannya yang masih kotor; tidak berbasuh.. Pinggan tersebut akan kita basuh sehingga bersih, kemudian barulah ianya diletakkan di tempat yg sepatutnya..

Individu ketiga pula memulangkan pinggan tersebut dalam keadaan pecah bersepai.. Tidak boleh dibezakan lagi bentuknya antara pinggan mahupun serpihan kaca.. Tiada nilainya lagi.. Kita tiada pilihan lain selain menghumbankannya ke dlm tong sampah yg hina..

Begitulah jua halnya dgn Allah Taala.. Jika kita kembali kepadaNya dalam keadaan bersih, elok, tanpa kekotoran dosa, maka Allah akan terus meletakkan kita di tempat yang baik dan tempat yg selayaknya bagi kita.. Iaitu syurga..

Namun jika kita kembali ke hadratNya dlm keadaan kotor dgn dosa, Allah akan 'basuh' kita sebersih-bersihnya di dlm api neraka sebelum memasukkan kita ke dlm syurga..

Tetapi jika kita kembali kepadaNya dlm keadaan yg rosak imannya, sehingga tidak dpt dibezakan antara iman dengan kufur, maka Allah tidak akan teragak2 utk menghumbankan kita ke dlm neraka jahannam yang hina buat selama-lamanya, ibarat pinggan yg pecah; tiada nilai lagi..