The Awqaf Properties Investment Fund (APIF) of the Islamic Development Bank (IsDB) confirmed receipt of US$ 1.5 million from the International Islamic Fiqh Academy (IIFA) as an investment from the Islamic scholarly body in its capital.
This investment follows the signing of an agreement earlier in May 2021 jointly by IsDB President, Dr. Bandar Hajjar, and IIFA Secretary General, Professor Kotoub Mustapha Sano.
IsDB President Dr. Bandar Hajjar stated that, “This investment will foster the partnership between IsDB and the Islamic Fiqh Academy, and serve their noble goals by reviving the Sunnah of Waqf by gearing the proceeds towards serving the financial sustainability of the IIFA and help it play its role in spreading moderation, and tolerance. This partnership also comes within the framework of IsDB strategy aimed at expanding partnerships, mobilizing resources, strengthening joint efforts and directing them for achieving economic and social development goals.”
IIFA originally pledged to invest US$ 1 million in APIF but following productive discussions with the APIF team, the Academy decided to increase the investment to US$ 1.5 million. The investment translates to 129 certificates at a Net Asset Value (NAV) of US$ 11,589.
Commenting on the investment by IIFA, IsDB Vice President and Acting CPO, Dr. Mansur Muhtar stated, “I commend the effort of APIF team for their commitment in mobilizing external resources so that we can maximize the impact of IsDB and APIF interventions in Member Countries and for the benefit of Muslim communities in Non-Member Countries. To achieve sustainable development, we need to increase the tempo in attracting more investors to benefit from our products and services.”
Acting Director of the Islamic Finance Sector Development Department, Dr. Mohamed Ali Chatti, stated, “Investing in APIF brings dual benefits. It generates regular and steady profits for the investors but more importantly makes impact on the end beneficiaries of our projects whether these projects are in education, health, or other social sectors. We welcome investment from all partners interested in making impact on the lives of people.”
This investment is part of APIF’s firm steps towards its resource mobilization strategy and journey. In 2020, APIF successfully attracted four new investors with a total investment value of US$ 21.586 million.
APIF finances profitable revenue-generating real estate projects including commercial, residential, and mixed-use buildings. The commercial buildings include offices, retail units, medical units, educational units, parking facilities, warehouses, or a combination of these.