BHBFC inaugurates second phase of Islamic housing finance project
The Bangladesh House Building Finance Corporation (BHBFC) inaugurated the second phase of its Shariah-based Rural and Peri-Urban Housing Finance Project at the Ruposhi Bangla Grand Ballroom of Hotel InterContinental in Dhaka on November 18, 2024. Dr. Salehuddin Ahmed, Honorable Advisor to the Ministry of Finance, attended as the chief guest and officially launched the project during the startup workshop.
Funded by the Islamic Development Bank (IsDB), the project aims to provide Shariah-compliant housing investment in rural and peri-urban areas. The first phase, initiated in FY 2018-19, was completed, and the second phase commenced with a €270 million (approximately BDT 3,171 crore) agreement signed in April 2024. Of this, €67 million has already been disbursed. The project is slated for completion by FY 2028-29.
Dr. Salehuddin Ahmed praised BHBFC and IsDB for their initiative, emphasizing the importance of reducing rural-to-urban migration by bridging the gap between rural and urban areas through improved housing and civic amenities.
Keep updated, follow The Business Standard's Google news channel
The event was presided over by A.S.M. Abdul Halim, Chairman of BHBFC's Board of Directors and former Cabinet Secretary, and attended by key dignitaries including 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 Md. Shahriar Kader Siddiky, Secretary of the Economic Relations Division.
In his address, BHBFC Managing Director Md. Abdul Mannan expressed gratitude to the Ministry of Finance, Bangladesh Bank, and IsDB for their support. A.S.M. Abdul Halim highlighted the project's potential for balanced national development.
The event also featured remarks from Professor Dr. Mohammad Abdus Samad, Chairman of BHBFC's Shariah Supervisory Committee, and Mr. Abu Sandy Bockarie, Operations Team Leader for Economic Infrastructure at IsDB. Senior officials from the Ministry of Finance, BHBFC, and managers from all field offices participated in the event.
