Social Islami Bank Limited (SIBL) has recently invested in Awqaf Properties Investment Fund (APIF) of Islamic Development Bank (IDB), according to a statement.
APIF invests for the development of waqf properties in the member countries of IDB and also in islamic communities of other countries.
Social Islami Bank Limited will have their representation in the managerial committee of APIF which is going to open up a new avenues of investment by APIF in Bangladesh.
At present Saudi Arabia, Kuwait, Egypt, Iran, Bahrain, Jordan, Palestine and Malaysia have representatives in the board of directors of APIF.
SIBL has also been working closely with Islamic Corporation for the Development of the Private Sector (ICD), a multilateral development financial institution and is part of the Islamic Development Bank (IDB) Group as a part of its commitment to render international standard services to its valued customers.