Bank Islam inks financing agreement for waqaf land

KUALA LUMPUR: Bank Islam Malaysia Bhd has inked an agreement with Perbadanan Wakaf Selangor's subsidiary Urus Maju Ehsan (M) Sdn Bhd (UME) to finance waqaf land development projects worth RM15.5 million.
The financing comprises two waqaf land development projects in Klang, Selangor.
The first project is to part-finance the development of 164 units of apartment and 12 units of shoplots on Jalan Kebun, Klang. The second project is to part-finance the building of 13 units of shop offices and 34 units of bazaar on Jalan Teratai, Klang.
Bank Islam managing director Datuk Seri Zukri Samat said under the agreement with UME, the bank provides project financing and end-financing for the properties through its Al-Waqf Home Financing-i.