Muhammad Zubair Mughal expressed that Islamic REIT is necessary for the development of the global real estate industry. He noted that the first Islamic REIT was launched in 1960 in the US and now provides funds for real estate in over 30 countries, though Islamic REITs make up a small portion of the $850 billion global REIT industry. Malaysia launched the first Islamic REIT in 2006 and it has grown rapidly in the past 7 years. Islamic REITs can help manage liquidity for Islamic financial institutions and address demands for housing finance and microhousing in underdeveloped countries. The Securities and Exchange Commission of Pakistan is working to expand the REIT industry in Pakistan to further develop the real estate sector.