An agreement to this effect was signed yesterday by VPL Managing Director (MD) Shafayetul Islam, Prime Bank MD M Shahjahan Bhuiyan, Export Import Bank of Bangladesh Additional MD Kazi Mashiur Rahman and Shahjalal Islami Bank Limited Deputy MD Jillur Rahman.

Prime Bank is the lead arranger of the first-ever syndication deal under Islamic Shariah in Bangladesh.

PBL Chairman Imam Anwar Hossain, Chairperson of VPL Syeda Mahbuba Akhter, Chairman of VPL Advisory Committee Professor AK Azad Chowdhury, Khatib of Baitul Mokarram Mosque Maulana Obaidul Haque and Secretary General of Bangladesh Association of Pharmaceutical Industries Nazmul Hassan were also present at the signing ceremony.

Speaking at the function, Imam Anwar Hossain said the syndicated loan will surely help VPL to launch new project in producing tablets, capsules, liquids, semi-liquids like syrup, suspension, emulsion, ointment and cream, saving huge foreign currency from the national exchequer which would have spent for import of these medicines from abroad.

Shahjahan Bhuiyan said the financial support, though a little amount, may create intention amongst many other institutions to enter into syndication lead following Islamic Shariah, which will directly encourage the businesses to take up big projects.