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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. It was in 1990 that the Bank became a primarily Islamic bank with the signing of Republic Act No. 6848, otherwise known as the Charter of Al-Amanah Islamic Investment Bank of the Philippines (AAIIBP). The new charter provided the Bank an authorized capital stock of P1 billion consisting of 10 million common shares. With the mandate to promote and accelerate the socio-economic development of the Autonomous Region of Muslim Mindanao (ARMM) through banking, financing and participating in agricultural, commercial and industrial ventures based on the concept of Islamic banking. By mid-1990, three (3) of its branches, Cotabato, Marawi and Jolo, have been transformed into accepting Islamic deposits. The other branches have been transacting both conventional and Islamic banking products, services and facilities. From 1990 to 2007, AAIIBP managed its operation with the support of the Bureau of Treasury. On November 14, 2007, the DBP Board of Directors approved the acquisition of AAIIBP. DBP took full control of the Bank's operations on July 16, 2008. On October 30, 2008, DBP completed the acquisition of the shareholdings of the National Government, the SSS and the GSIS in AAIIBP, thereby controlling 99.9% of the Bank. On October 22, 2009, the Monetary Board approved the Bank's 5-year Rehabilitation Plan, which focused on four corporate strategies (4Rs), namely, Recapitalization, Restoration of Financial Viability, Reorganization and Reforms Institutionalization. Under the Rehabilitation Plan, AAIIBP is allowed to continuously do both conventional and Islamic banking. In November 2009, DBP infused Php1.0 billion capital to Amanah Bank that marked the partial completion of the recapitalization strategy. |
Welcome To Amanah Islamic Bank! |
Mission To provide Islamic Banking products and services that adhere to the principles of Shari'ah. Vision To be the leading and choice Islamic financial institution providing alternative banking services in response to the emerging global Islamic markets and to promote and accelerate the socio-economic developments of the Islamic communities in the Philippines. |
Amanah Islamic Bank is the only bank in the Philippines authorized to offer Islamic banking. It is also licensed to do both commercial and investment banking services, similar to a universal bank. |
History |
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. |
a subsidiary of the DEVELOPMENT BANK OF THE PHILIPPINES |