Bangladesh House Building Finance Corporation (BHBFC) has started Islamic Shariah based financing in the housing sector.
The organisation has introduced a new housing finance product named Manzil in this regard, according to a press release issued today.
Under this system BHBFC would invest money as per Shariah regulation for constructing residential buildings. The borrowers have to share earned profit to BHBFC.
The inauguration programme of Manzil was held on 25 November at the BHBFC headquarters building at Purana Paltan in the capital.
Sheikh Mohammad Saleem Ullah, secretary of the Financial Institutions Department (FID) under the Ministry of Finance, inaugurated the product.
Managing Director of the Corporation Md Afzal Karim presided over the inaugural ceremony. The Chairman of the Board of Directors of BHBFC Prof Dr Md Salim Uddin, and Prof Dr Mohammad Abdus Samad, the chairman of Shariah Supervisory Committee at BHBFC were present as special guests.
The event was attended by the Board of Directors of BHBFC, senior executives of FID, deputy managing director, general managers and senior officials of BHBFC.
The director of Rural and Peri-Urban Housing Finance Project (RPHFP) of BHBFC Md Atiqul Islam delivered the welcome speech on the programme.
RPHFP,a housing finance project of BHBFC, is funded by the Islamic Development Bank (ISDB). The 'Manzil' has been formulated under this project for the lower and lower-middle class people other than Dhaka, Chottogram and Sylhet metro area.
In his inaugural address, FID Secretary described BHBFC's new product as a timely initiative in the year of the golden jubilee of the independence. He emphasised on the importance of promoting a profit-oriented investment system in the light of Islamic law. He suggested ensuring quality of service for the overall success of the organisation.