The Pilgrims Fund Board is expected to finalise the purchase of a commercial property in London by September, says its managing director Ismee Ismail.

He said the board has already identified the property to be acquired after a feasibility study was carried out way back in 2008.

“The real estate in United Kingdom has been in our purview for a long time. We are very careful about acquisitions as each asset acquisition made by the board must be syariah compliant... hence we are slow compared with other real estate agencies.

“The real estate identified for purchase is currently being tenanted and the nature of business carried out there does not violate Islamic principles,” said Ismee, who is also chief executive officer.

He was speaking to reporters after receiving an ISO certificate on behalf of the pilgrims board from DQS and Sirim QAS International Sdn Bhd for its information security management system and, pilgrim services and management in Malaysia and Saudi Arabia.

On expanding its real estate expansion into the United Kingdom, Ismee said the board was taking advantage of opportunities in areas which promised steady lucrative returns.

This will directly result in handsome dividend pay outs and a steady income stream for 6.9 million of its depositors, he said, adding that total deposits as at end-2011 stood at RM31.7 billion.

- Bernama