Al-Arafah Islami Bank revises mutual fund
Al-Arafah Islami Bank has revised its plan of launching a Tk 100 crore Islamic mutual fund.
Under the revised plan, the bank as sponsor will subscribe 10 percent of the AIBL 1st Islamic Mutual Fund, according to a web posting on the Dhaka Stock Exchange yesterday provided by the bank.
As per the previous plan, which was announced in April this year, the bank intended to subscribe 25 percent of the fund as sponsor.
The bank also said now 50 percent of the fund will be raised through initial public offering (IPO) and the rest 40 percent through pre-IPO placement.
The Tk 100 crore fund will be divided into 10 crore shares of Tk 10 each.
The fund launching is however subject to approval from the Securities and Exchange Commission.
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