The Social Islami Bank Limited (SIBL) has requested the Financial Institutions Division (FID) to allow it to invest $2 million in a real estate-based private equity fund managed by the Islamic Development Bank (IDB). SIBL Managing Director Shahid Hossain had earlier sent a letter to the Foreign Exchange Investment Department seeking permission to invest abroad. The bank plans to buy 200 shares of Awqaf Properties Investment Fund (APIF) for $10,000 each. A 2% stake in the fund will be enough to give SIBL a seat on the APIF board, according to the Bangladesh Bank letter sent to FID Secretary Md Eunusur Rahman. Awqaf real estate property is dedicated to charitable or Islamic religious purposes with no intention of the donor reclaiming the assets.

Source: Dhaka Tribune October 23, 2017 09:33 UTC