NHFIL to open Islamic Finance window 

The board of directors of National Housing Finance and Investment has decided to commence Shariah-compliant business operations under Islamic Finance Window.

The opening of the Islamic Finance Window is subject to the approval of the regulatory authorities — Bangladesh Bank (BB) and Bangladesh Securities and Exchange Commission (BSEC), the company said in a filing with the Dhaka Stock Exchange on Tuesday.

The operation of Shariah-compliant business will run simultaneously with the existing conventional operations, the company said.

The company has reported a 17 per cent year-on-year fall in its net profit in the third quarter of 2022, mainly due to higher provisions and a decline in income from the stock market.

The company’s earnings per share dropped to Tk 0.69 for July-September 2022, from Tk. 0.83 for July-September 2021.

In nine months, EPS was Tk 2.01 for January-September 2022 as against Tk 2.11 for January-September 2021.

Net operating cash flow per share was negative Tk 13.60 for January-September 2022 as against Tk 11.90 for January-September 2021.

NAV per share was Tk 19.15 as on September 30, 2022, and Tk. 18.65 as on December 31, 2021.

The company also reported EPS decreased during the third quarter ended on 30 September 2022 due to an increase of provision for share investments as well as increase of tax provision.

Net operating cash flow per share decreased for the third quarter ended 2022 due to an increase of customer deposits settlement of Tk 1,093.45 million and loan payment of Tk 602.66 million during the period.

Listed in 2009, the stock price closed at Tk 41.90 on Monday.

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