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

Philippines

The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...

.

History

Al-Amanah Islamic Bank traces its roots to the Philippine Amanah Bank, established by President Ferdinand Marcos

Ferdinand Marcos

Ferdinand Emmanuel Edralin Marcos, Sr. was a Filipino leader and an authoritarian President of the Philippines from 1965 to 1986. He was a lawyer, member of the Philippine House of Representatives and a member of the Philippine Senate...

 in 1973 by virtue of Presidential Decree No. 264, with an initial capital of 100 million pesos

Philippine peso

The peso is the currency of the Philippines. It is subdivided into 100 centavos . Before 1967, the language used on the banknotes and coins was English and so "peso" was the name used...

. Its charter originally allowed it to open in the provinces of Basilan

Basilan

The Province of Basilan is an island province of the Philippines within the Autonomous Region in Muslim Mindanao . Basilan is the largest and northernmost of the major islands of the Sulu Archipelago and is located just off the southern coast of Zamboanga Peninsula...

, Cotabato

Cotabato

Cotabato , is a landlocked province of the Philippines located in the SOCCSKSARGEN region in Mindanao...

, Lanao del Norte

Lanao del Norte

Lanao del Norte is a province of the Philippines located in the Northern Mindanao region. Its capital is Tubod. The province borders Lanao del Sur to the southeast, Zamboanga del Sur to the west, Illana Bay to the southwest, Iligan Bay to the north, Iligan City to the northeast, and is separated...

, Lanao del Sur

Lanao del Sur

Lanao del Sur is a province of the Philippines located in the Autonomous Region in Muslim Mindanao . Its capital is Marawi City and borders Lanao del Norte to the north, Bukidnon to the east, and Maguindanao and Cotabato to the south. To the southwest lies Illana Bay, an arm of the Moro Gulf...

, Palawan

Palawan

Palawan is an island province of the Philippines located in the MIMAROPA region or Region 4. Its capital is Puerto Princesa City, and it is the largest province in the country in terms of total area of jurisdiction. The islands of Palawan stretch from Mindoro in the northeast to Borneo in the...

, Sulu, Tawi-Tawi

Tawi-Tawi

Tawi-Tawi is an island province of the Philippines located in the Autonomous Region in Muslim Mindanao . The capital of Tawi-Tawi is Bongao. The province is the southernmost of the country sharing sea borders with the Malaysian State of Sabah and the Indonesian East Kalimantan province. To the...

, Zamboanga del Norte

Zamboanga del Norte

Zamboanga del Norte or simply known as ZANORTE is a province of the Philippines located in the Zamboanga Peninsula region in Mindanao. Its capital is Dipolog City and the province borders Zamboanga del Sur and Zamboanga Sibugay to the south and Misamis Occidental to the east...

 and Zamboanga del Sur

Zamboanga del Sur

Zamboanga del Sur is a province of the Philippines located in the Zamboanga Peninsula region in Mindanao. Pagadian City is the capital...

, where there are large, if not predominant, Muslim populations. Its charter was amended in 1974, allowing it to open branches in Maguindanao

Maguindanao

Maguindanao is a province of the Philippines located in the Autonomous Region in Muslim Mindanao . Its capital is Shariff Aguak. It borders Lanao del Sur to the north, Cotabato to the east, and Sultan Kudarat to the south....

 and Sultan Kudarat.

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.

The bank was sold to another government-owned bank, the Development Bank of the Philippines

Development Bank of the Philippines

The Development Bank of the Philippines , commonly known by its initials, DBP, is a state-owned development bank in Makati, Philippines.It is the seventh-largest bank in the Philippines in terms of assets, and is the second-largest...

, in 2008.

External links

• Al-Amanah Islamic Investment Bank of the Philippines