The Al-Amanah Islamic Investment Bank of the Philippines (abbreviated AAIIBP) or Al-Amanah Islamic Bank is the first and only
Islamic bank
Islamic banking, Islamic finance ( ar, مصرفية إسلامية), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics ...
in the
Philippines
The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no),
* bik, Republika kan Filipinas
* ceb, Republika sa Pilipinas
* cbk, República de Filipinas
* hil, Republ ...
.
History
Al-Amanah Islamic Bank traces its roots to the Philippine Amanah Bank, established by President
Ferdinand Marcos
Ferdinand Emmanuel Edralin Marcos Sr. ( , , ; September 11, 1917 – September 28, 1989) was a Filipino politician, lawyer, dictator, and kleptocrat who was the 10th president of the Philippines from 1965 to 1986. He ruled under martial ...
in 1973 by virtue of Presidential Decree No. 264.
With an initial capital of 100 million
pesos
The peso is the monetary unit of several countries in the Americas, and the Philippines. Originating in the Spanish Empire, the word translates to "weight". In most countries the peso uses the same sign, "$", as many currencies named "dollar" ...
, it was one of the world's first Islamic banks.
Its charter originally mandated it to provide financial services to the provinces of
Basilan
Basilan, officially the Province of Basilan ( cbk, Provincia de Basilan; yka, Wilayah Basilanin; tsg, Wilaya' sin Basilan; fil, Lalawigan ng Basilan), is an island province of the Philippines located primarily in the Bangsamoro Autonomous Re ...
,
Cotabato
Cotabato or North Cotabato ( hil, Aminhan Cotabato; ceb, Amihanang Cotabato; Maguindanaon: ''Pangutaran Kutawatu'', Jawi: ڤڠوترن كوتاواتو; fil, Hilagang Cotabato), officially the Province of Cotabato, is a landlocked province in ...
,
Lanao del Norte
Lanao del Norte ( Cebuano: ''Amihanang Lanao''; tl, Hilagang Lanao; Maranao: ''Pangotaraan Ranao''), officially the Province of Lanao del Norte, is a province in the Philippines located in the Northern Mindanao region. Its capital is Tubod.
T ...
,
Lanao del Sur
Lanao del Sur ( tl, Timog Lanao; Maranao and ilp, Pagabagatan Ranao), officially the Province of Lanao del Sur, is a province in the Philippines located in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM). The capital is the city of ...
,
Palawan
Palawan (), officially the Province of Palawan ( cyo, Probinsya i'ang Palawan; tl, Lalawigan ng Palawan), is an archipelagic province of the Philippines that is located in the region of Mimaropa. It is the largest province in the country in ...
,
Sulu
Sulu (), officially the Province of Sulu (Tausug language, Tausūg: ''Wilāya sin Lupa' Sūg''; tl, Lalawigan ng Sulu), is a Provinces of the Philippines, province of the Philippines in the Sulu Archipelago and part of the Bangsamoro, Bangsamor ...
,
Tawi-Tawi
Tawi-Tawi, officially the Province of Tawi-Tawi ( tl, Lalawigan ng Tawi-Tawi; Tausug: ''Wilaya' sin Tawi-Tawi''; Sinama: ''Jawi Jawi/Jauih Jauih''), is an island province in the Philippines located in the Bangsamoro Autonomous Region in Muslim M ...
,
Zamboanga del Norte
Zamboanga del Norte ( Cebuano: ''Amihanang Zamboanga''; Subanon: ''Utara Sembwangan''; tl, Hilagang Zamboanga), officially the Province of Zamboanga del Norte, is a province in the Philippines situated within the Zamboanga Peninsula region in M ...
and
Zamboanga del Sur
Zamboanga del Sur ( Cebuano: ''Habagatang Zamboanga;'' Subanen: ''S'helatan Sembwangan/Sembwangan dapit Shelatan''; Chavacano: ''Zamboanga del Sur''; tl, Timog Zamboanga; mdh, Pagabatan Sambuanga), officially the Province of 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
Maguindanao (, Maguindanao language, Maguindanaon: ''Prubinsya nu Magindanaw''; Iranun language, Iranun'': Perobinsia a Magindanao''; tl, Lalawigan ng Maguindanao) was a Provinces of the Philippines, province of the Philippines located in the ...
and
Sultan Kudarat
Sultan Kudarat, officially the Province of Sultan Kudarat ( hil, Kapuoran sang Sultan Kudarat; Maguindanaon: ''Dairat nu Sultan Kudarat'', Jawi: دايرت نو سلطان كودرت; ceb, Lalawigan sa Sultan Kudarat; tl, Lalawigan ng Sul ...
. 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
The Development Bank of the Philippines (DBP) is a state-owned development bank headquartered in Makati, Philippines.
It was established after World War II in 1947 on the government's effort through its mandate to rebuild the country's war t ...
, 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.
Ownership
*Development Bank of the Philippines: 99.88%
References
External links
*
{{Authority control
Banks of the Philippines
Islamic banks
Government-owned and controlled corporations of the Philippines
Companies based in Zamboanga City