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Al-Amanah Islamic Bank

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Bank in the Philippines

Al-Amanah Islamic Investment Bank of the Philippines
FormerlyPhilippine Amanah Bank
Company typeSubsidiary
IndustryBanking
FoundedManila, Philippines (August 2, 1973; 51 years ago (1973-08-02))
HeadquartersZamboanga City, Philippines
Key peopleAlex P. Bangcola (Chairman and CEO)
ProductsFinancial services
ParentDevelopment Bank of the Philippines
Websiteamanahbank.gov.ph

The Al-Amanah Islamic Investment Bank of the Philippines (abbreviated AAIIBP) or Al-Amanah Islamic Bank is the first and only Islamic bank in the Philippines.

History

An Al-Amanah Islamic Bank branch in San Juan, Metro Manila

Al-Amanah Islamic Bank traces its roots to the Philippine Amanah Bank, established by President Ferdinand Marcos in 1973 by virtue of Presidential Decree No. 264. With an initial capital of 100 million pesos, it was one of the world's first Islamic banks. Its charter originally mandated it to provide financial services to the provinces of Basilan, Cotabato, Lanao del Norte, Lanao del Sur, Palawan, Sulu, Tawi-Tawi, Zamboanga del Norte and Zamboanga del Sur, where there are large, if not predominant, Muslim populations.

In 1974, the bank's charter was amended by Presidential Decree No. 542, allowing it to open branches in Maguindanao and Sultan Kudarat. The amended charter also mandated that the bank provide banking services according to Islamic principles, which was not explicitly provided for under the original charter.

In 1989, the bank was re-chartered and re-capitalized pursuant to Republic Act No. 6848, and was subsequently renamed the Al-Amanah Islamic Investment Bank of the Philippines, with a capital of one billion pesos. Between 1990 and 2007, the bank was under the supervision of the Bureau of the Treasury.

The bank was sold to another government-owned bank, the Development Bank of the Philippines, in 2008. However, in 2012, DBP announced that it intended to divest itself of the bank, since it does not have the expertise to handle an Islamic financial institution.

In 2015, Al-Amanah opened its first branch outside of Mindanao, the southern island region of the Philippines where it is primarily located. The new branch was opened in Malabon, a city in the northern part of Metro Manila.

In 2016, Al-Amanah was granted a license to offer electronic banking services by the BSP. This allowed the bank to expand its reach beyond its physical branches and offer services such as online banking and mobile banking.

Al-Amanah introduced its Islamic Pawnshop in 2018, offering financing to customers through the application of Islamic pawnbroking principles. The main focus of the pawnshop is to address the needs of customers who require short-term financing options while avoiding interest-based transactions.

Al-Amanah entered into a memorandum of understanding with the Department of Education in 2019 to provide financial literacy programs to public school students. The objective of the program is to promote financial inclusion and enhance the students' knowledge on the fundamentals of banking and finance.

Ownership

  • Development Bank of the Philippines: 99.88%

References

  1. ^ dela Peña, Gerard S. (April 7, 2008). "Central bank OKs Al Amanah sale". GMA News. Retrieved March 4, 2009.
  2. Bunye, Ignacio R. (February 28, 2010). "Bunye: Islamic Banking in the Philippines". Sun.Star Manila. Sun.Star Publishing, Inc. Archived from the original on September 6, 2014. Retrieved January 14, 2014.
  3. ^ "Middle East Banks Eye Al-Amanah". Manila Bulletin. Manila Bulletin Publishing Corporation. October 17, 2012. Retrieved January 14, 2014.
  4. ^ "DBP selling Al-Amanah Islamic bank". Asian Banking and Finance. Charlton Media Group. October 26, 2012. Retrieved January 14, 2014.
  5. ""Al-Amanah opens first branch outside Mindanao." Business World. 10 September 2015". BusinessWorld.
  6. "Al-Amanah gets nod to expand e-banking." Philippine Daily Inquirer".
  7. "Al-Amanah Islamic Bank launches new services." The Manila Times". The Manila Times.
  8. "Al-Amanah Islamic Bank ventures into Islamic pawnshop biz." Business World". BusinessWorld.
  9. "DBP's Al-Amanah Islamic Bank launches Islamic pawnshop". March 10, 2018.
  10. "Al-Amanah Islamic Bank, DepEd sign MOU on financial literacy program". Philippine News Agency.
  11. "Al-Amanah Islamic Bank, DepEd launch financial literacy program." BusinessMirror". BusinessMirror.

External links

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