House Building Finance Corporation launches Sharia financing

TBS report

November 25, 2021, 10:15 p.m.

Last modification: November 25, 2021, 10:18 p.m.

BHBFC introduced a new housing finance product named Manzil on November 25 at BHBFC headquarters in Purana Paltan. PHOTO: COURTESY

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BHBFC introduced a new housing finance product named Manzil on November 25 at BHBFC headquarters in Purana Paltan. PHOTO: COURTESY

The Bangladesh House Building Finance Corporation (BHBFC) has launched Shariah-based Islamic finance in the housing sector.

The organization has introduced a new housing finance product named Manzil in this regard, according to a press release on Thursday.

Under this system, BHBFC would invest the money in accordance with Sharia regulations for the construction of residential buildings. Borrowers must share the profits made with BHBFC.

Manzil’s inauguration program was held on November 25 at the BHBFC headquarters at Purana Paltan in the capital.

Sheikh Mohammad Saleem Ullah, Secretary of the Financial Institutions Department (FID) of the Ministry of Finance, inaugurated the product.

BHBFC Managing Director, Md Afzal Karim presided over the inaugural ceremony.

Prof Dr Md Salim Uddin, Chairman of the Board, BHBFC; and Prof. Dr. Mohammad Abdus Samad, Chairman of Shariah Supervisory Board, BHBFC, were present at the event as special guests.

The BHBFC Board, Senior Officials, IDF Senior Managers, Deputy Managing Directors and Managing Directors also attended the event.

Md Atiqul Islam, Director, Rural and Peri-Urban Housing Finance Project (RPHFP), BHBFC, delivered the welcome address at the ceremony.

The “Manzil” was formulated under the RPHFP, a housing finance project of BHBFC, for lower and lower middle class people other than Dhaka, Chattogram and Sylhet metropolitan areas.

The RPHFP is funded by the Islamic Development Bank (ISDB).

In his inaugural address, the IDF Secretary described BHBFC’s new product as a timely initiative in the Golden Jubilee year of independence. He stressed the importance of promoting a profit-oriented investment system in light of Islamic law. He suggested ensuring the quality of service for the overall success of the organization.

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