IslamicFinance.de

#Bangladesh-based Social Islami Bank (SIBL) is set to invest $2 million in a real estate-focused private equity fund managed by the Islamic Development Bank. The fund is called the Awqaf Properties Investment Fund (APIF) and aims to invest in Awqaf real estate property that is socially, economically and financially viable in member countries of the IDB. SIBL's managing director, Amm Farhad, said the bank was investing in the project not for commercial reasons but for social welfare. In Bangladesh, APIF will start off with the construction of two towers, a multipurpose building and a university in Chittagong, with a total investment of $100 million. The bank will represent Bangladesh in the managerial committee of APIF, which has 8 IDB member countries in the board: Saudi Arabia, Kuwait, Egypt, Iran, Bahrain, Jordan, Palestine and Malaysia.