AL-AMANAH ISLAMIC INVESTMENT BANK OF THE PHILIPPINES

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Integrity – Honesty, Truthfulness, Transparency and adherence to Shari’ah principles

Type:

Service Provider

Establishment year:

1999

Categories:

Bank and Investment

Keywords:

• amanah, 
• bank

General info

Amanah Islamic Bank was first established as "Philippine Amanah Bank" by virtue of Presidential Decree No. 264 by then President Ferdinand E. Marcos. The decree required the Bank to invest 75%of its total loanable funds for the purpose of providing, among others, reasonable medium and long-term credit facilities to the people of the Muslim-dominated provinces of Cotabato, South Cotabato, Lanao del Sur, Lanao del Norte, Sulu, Basilan, Zamboanga del Norte, Zamboanga del Sur and Palawan. Thus, the Bank has been transformed into a development bank with an initial capitalization of P50 million.

In 1974, Presidential Decree No. 542 was issued directing the Bank to implement the Islamic concept of banking, following the "no interest principle" and the partnership principles. This directive was not fully carried out because conventional banking still dominated the Bank's operations.

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