BHBFC introduces Islamic Shariah based financing

Bangladesh House Building Finance Corporation (BHBFC) has started Islamic Shariah based financing in the housing sector.

BHBFC introduced a new housing finance product named Manzil in this regard. Under this system it would invest money as per Shariah regulation for constructing residential building, said a media statement.

According to the statement, the borrowers will have to share earned profit to BHBFC. The inauguration programme of Manzil was held at the BHBFC headquarters building at Purana Paltan in the capital on November 25.

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

Managing Director of the Corporation Afzal Karim presided over the inaugural ceremony.

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, Chattogram and Sylhet metro area, it added.