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Increasing demand for functional materials crucial for advancing new technologies has motivated significant scientific and industrial research efforts. High-entropy materials (HEMs), with tunable properties, are gaining attention for their use in high-frequency transformers, microwave devices, multiferroics, and high-density magnetic memory components. The initial exploration of HEMs started with high-entropy alloys (HASs), such as CrMnFeCoNi, CuCoNiCrAlxFe, and AlCoCrTiZn and paved the way for a multitude of HEM variations, including oxides, oxyfluorides, borides, carbides, nitrides, sulfides, and phosphides. In this study, we fabricated the high-entropy oxide (HEO) compound <inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><mrow><msub><mrow><mi mathvariant="normal">B</mi><mi mathvariant="normal">i</mi></mrow><mrow><mn>0.5</mn></mrow></msub><msub><mrow><mi mathvariant="normal">L</mi><mi mathvariant="normal">a</mi></mrow><mrow><mn>0.1</mn></mrow></msub><msub><mrow><mi mathvariant="normal">I</mi><mi mathvariant="normal">n</mi></mrow><mrow><mn>0.1</mn></mrow></msub><msub><mrow><mi mathvariant="normal">Y</mi></mrow><mrow><mn>0.1</mn></mrow></msub><msub><mrow><mi mathvariant="normal">N</mi><mi mathvariant="normal">d</mi></mrow><mrow><mn>0.1</mn></mrow></msub><msub><mrow><mi mathvariant="normal">G</mi><mi mathvariant="normal">d</mi></mrow><mrow><mn>0.1</mn></mrow></msub><mi mathvariant="normal">F</mi><mi mathvariant="normal">e</mi><msub><mrow><mi mathvariant="normal">O</mi></mrow><mrow><mn>3</mn></mrow></msub></mrow></semantics></math></inline-formula> through the solid-state synthesis method. Magnetic measurements at 300 K show ferromagnetic behavior with significant coercivity. At the same time, this novel composition exhibits excellent dielectric properties and shows potential for electronic applications demonstrating that a high-entropy approach can expand the compositional range of rare earth multiferroics and improve the multifunctional properties in multiferroic applications.