Prime Bank Investment signs MoU with IFA Consultancy to promote Islamic finance

Prime Bank Investment Limited (PBIL) has signed a memorandum of understanding (MoU) with IFA Consultancy Limited (IFAC), a Shariah advisory firm in Bangladesh, to jointly promote Islamic investment in Bangladesh.

Syed M Omar Tayub, managing director and chief executive officer of PBIL, and Abdullah Masum, founder and director of the Shariah advisory firm, signed the MoU at PBIL's headquarters in Dhaka today, according to a press release.

Commenting on the initiative, Tayub said, "This collaboration marks a significant milestone in strengthening the Islamic investment ecosystem in Bangladesh."

He added, "Together with IFAC, we aim to deliver innovative Shariah-compliant investment solutions that uphold ethical standards and respond to the evolving needs of the market."

Mufti Abdullah Masum remarked, "We are proud to partner with PBIL to foster the adoption of Halal financial practices and contribute to sustainable growth within the Islamic finance sector."

The strategic partnership seeks to enhance Shariah-compliant investment management services by combining PBIL's expertise in portfolio management with IFAC's in-depth Shariah advisory capabilities.

The collaboration will encompass key areas, including training and capacity building, Sukuk advisory, Shariah index development, product structuring, Shariah supervision and review, as well as research and publications.

Last year, PBIL launched PrimeInvest Shariah, the country's first-ever Shariah-compliant capital market investment scheme, marking a pioneering step in Islamic finance in Bangladesh.