Real Estate Investment Trusts (REITs) as a new instrument in many capital markets is an interesting topic.Although not yet to be popular globally, REITs has gained popularity as flexible, cost efficient and profitable real estate investment vehicle for investors as well as provide liquidity for real estate sector, especially in advanced markets like in US, Japan and Singapore. The emergence of Islamic Financial Institutions (IFIs) coincided with increasing popularity of REITs open opportunity for development of Islamic REITs (I-REITs) as competitive but sharia compliant REITs compared to the conventional one. The dominance of Malaysia as market player of I-REITs as well as many underresearched areas open opportunity for betterment of the current I-REITs markets. This paper is a literature review with two objectives. First, to compile and review existing articles on REITs, both conventional and Islamic, and second, to gain lesson learned as material for development of I-REITs in Indonesia as ultimate goal. It is expected that this literature review will generate ideas for future development proposals on I-REITs, particularly in Indonesia. This study found that literature on I-REITs is relatively thin compared to its conventional counterparts, and Indonesia is still left behind in I-REITs development despite regulatory framework is already in force. Therefore, further effort to promote supply and demand of I-REITs in Indonesia should be taken as a way to diversify Islamic investment avenues for sharia oriented investors.

Poor people in the world remains a global problem. Previous studies have been widely using various perspectives related to aspects of fundamental and macroeconomic. However, research that focuses on methods to manage zakat institutions still do not exist. Especially on zakat management institutions in Indonesia. Countries with a Muslim majority population in the world. This study used a qualitative approach through multiple cases study aimed to determine the zakat fund management strategies at the National Zakat Agency and the Institute of National Zakat Al Ahzar East Java. Data collected through individual depth interview. This study describes the findings of Zakat Scorecard Model through categorical analysis results. The article also describes the academic and managerial implications related to zakat management institutions.