Business desk

Prime Bank Investment Ltd. (PBIL), a leading investment bank and a wholly owned subsidiary of Prime Bank PLC, has signed a Memorandum of Understanding (MoU) with IFA Consultancy Ltd. (IFAC), a premier Shariah advisory firm, to jointly promote Islamic investment in Bangladesh.

The signing ceremony was held at PBIL’s headquarters, with Syed M Omar Tayub, Managing Director & CEO of PBIL, and Mufti Abdullah Masum, CSAA, Founder & Director of IFAC, signing on behalf of their respective organizations.

This strategic partnership aims to advance Shariah-compliant investment management services by combining PBIL’s portfolio management expertise with IFAC’s Shariah advisory capabilities. The collaboration will cover key areas such as training and capacity building, Sukuk advisory, Shariah index development, product structuring, Shariah supervision and review, and research and publications.

Notably, last year, PBIL launched the country’s first-ever Shariah-compliant capital market investment scheme, titled PrimeInvest Shariah. This collaboration is part of PBIL’s #AccessToInvestment initiative, which seeks to make Shariah-compliant investment options more accessible.

“This collaboration marks a key milestone in strengthening the Islamic investment ecosystem in Bangladesh,” said Syed M Omar Tayub. “Together with IFAC, we aim to deliver innovative Shariah-compliant investment solutions that uphold integrity and meet evolving market needs.”

Mufti Abdullah Masum added, “We are proud to partner with PBIL to drive the adoption of Halal financial practices and support sustainable growth in the sector.”

This alliance reflects both organizations’ commitment to promoting Halal economics and expanding ethical, Shariah-compliant investment opportunities in Bangladesh.