IslamicBankingSeminar

Aiming to enhance its islamic banking operations, the Al-Amanah Islamic Investment Bank
of the Philippines (AAIIBP) recently concluded its week-long training on Islamic Banking
and Finance last July 26 to 29, 2011. Organized by the Association of Development
Financial Institutions in Asia and the Pacific (ADFIAP), attendance was not only limited to
the AAIIBP personnel, as representatives from the government regulatory agencies such
as the Bangko Sentral ng Pilipinas (BSP), Department of Finance (DOF) and Bureau of
Internal Revenue (BIR) were also present.

The training was led by well-known Asian practitioners of Islamic banking and finance.
Professor Ashraf bin Md. Hashim, Head of the International Shariah Research Academy for
Islamic Finance (ISRA) talked about islamic economics and finance, and the introduction
to Takaful (Islamic Insurance) and Sukuk (Islamic Bonds). Followed by Ms. Lee How Fen,
Director - Lee Consultancy in Singapore, participants were taught on the rudiments of
Islamic Commercial Law, and key documentary and structuring issues for Islamic financial
products. Her module also discussed concerns on regulation, supervision and corporate
governance in conformity with Shariah. Lastly, two bankers from Malaysia- Mr. Ahmad
Nazir Che Yen, Senior Vice President - Islamic Treasury Group of CIMB Investment Bank,
and Mr. Mohd Nizam Mohamad, Head - Governance and Compliance of AmIslamic Bank
Berhad - extensively discussed mechanisms of operations for Islamic banking, treasury
and capital market, as well as financial accounting for Islamic Banks. AAIIBP management
exchanged ideas and questions throughout the seminar that are crucial to boosting the
Bank's Islamic banking operations. The presence of government regulatory agencies made
the event cohesive as issues between agencies and the Bank were widely communicated.
Attended by forty-seven personnel from AAIIBP, including two members of its board of
directors, the seminar was the biggest training program of the Bank to date.
A halfday executive session was also held last July 28, 2011 and attended by five members
of the Board, a Sharia'h advisor and senior officers of DBP.