BHBFC’s Islamic Financing Project Inaugurated

The inauguration ceremony and startup workshop for the second phase of the Rural and Peri-Urban Housing Finance Project of Bangladesh House Building Finance Corporation (BHBFC) were held at the Ruposhi Bangla Grand Ballroom of Hotel InterContinental, Dhaka. On Monday, November 18, Dr. Salehuddin Ahmed, the Honorable Advisor for the ministry of finance attended the event as the chief guest and inaugurated the project.

This Shariah-based housing investment project by BHBFC is funded by the Islamic Development Bank (IsDB), an international development partner. The first phase of the project, which began in the FY 2018-19, was successfully completed in. The second phase of the project has officially commenced with this inaugural event.

Under the supervision of the Financial Institutions Division of the Ministry of Finance and with support from the Economic Relations Division, BHBFC signed an agreement with IsDB in Jeddah, Saudi Arabia, on 4, April this year. Under this agreement, BHBFC receives funding equivalent to 270 million euros Which is approximately to 3,171 crore BDT. Of this amount, 67 million euros have already been disbursed to BHBFC. The project is expected to be completed by the fiscal year 2028-29.

The Chief Guest, the Finance Advisor, expressed his gratitude to the authorities of BHBFC and ISDB for taking the initiative to provide Shariah-compliant investment in rural and peri-urban areas for housing construction. He also expressed hope that other institutions would take similar initiatives like BHBFC. On the occasion, he emphasized the importance of reducing the rural-to-urban migration trend by narrowing the gap between villages and cities. He urged the relevant stakeholders to take initiatives to ensure balanced development of the country by enhancing civic amenities in rural areas alongside urban centers.

The event was presided over by Mr. A.S.M. Abdul Halim, former Cabinet Secretary and Chairman of BHBFC’s Board of Directors. Mr. Mohammad Nassis bin Sulaiman, Regional Manager of IsDB; Dr. Khairuzzaman Mozumder, Secretary of the Finance Division; Ms. Nazma Mobarek, Secretary of the Financial Institutions Division; and Mr. Md. Shahriar Kader Siddiky, Secretary of the Economic Relations Division.

At the start of the event, BHBFC’s Managing Director, Mr. Md. Abdul Mannan, welcomed all attendees and expressed gratitude to the Finance Division, the Financial Institutions Division, the Economic Relations Division of ministry of finance, Bangladesh Bank, and IsDB authorities for their continuous support. In his presidential address, Mr. A.S.M. Abdul Halim thanked the chief guest, special guests, and all participants while highlighting the key aspects of the project.

Professor Dr. Mohammad Abdus Samad, Chairman of BHBFC’s Shariah Supervisory Committee; Mr. Abu Sandy Bockarie, Operations Team Leader for Economic Infrastructure at IsDB; and senior officials from the Ministry of Finance and BHBFC attended the event as esteemed guests. Managers from all field offices of BHBFC participated in the inauguration Ceremony and the workshop.