Jeddah, KSA – The Islamic Development Bank is contributing US$ 16 million in financing for construction of a trade and residential complex in the Bahraini capital city of Manama. The approval which is to be put in to action by IDB’s Awqaf Properties Investment Fund, APIF, comes in line with the Bank’s endeavors to support Islamic Awqaf (endowments) and upgrading its role in economic and social development of the Muslim Ummah.
The proceeds of the 13 storey complex, to be built in Seif district in Manama under the auspices of Bahrain’s Al Ja’fariyah Waqf (endowment) Bureau, are later to be spent on supporting charitable social activities in the Kingdom of Bahrain.
APIF was established in February 2001 based on the approval of the 6th meeting of Awqaf ministers of member countries of the Organization of Islamic Conference, OIC, in Jakarta, Indonesia, 1997. It aims to promote the role of Awqaf and revitalize the tradition of Waqf (endowment) in its true sense in economic, social and cultural development of Islamic societies through development of endowed properties and relevant investments. Since its establishment, the fund has provided financings to 41 different endowed projects worth nearly US$ 884 million in 20 different countries.