Al-Amanah Islamic Investment Bank
The Al-Amanah Islamic Investment Bank of the Philippines (abbreviated as "AAIIBP") is the first Islamic bank in the Philippines and one of the early Islamic banks in the world. It was established in 1973 as a subsidiary of the Development Bank of the Philippines, under the name Al-Amanah Islamic Bank, by virtue of Presidential Decree No. 264. Its original purpose was to serve the financial needs of the Muslim community in the country, and its operations are based on Islamic principles, such as profit and loss sharing, instead of interest-based lending.
In 1974, the bank's charter was amended by virtue of Presidential Decree No. 542. In 1989, Republic Act No. 6848 was enacted, providing the legal framework for the AAIIBP to operate as an investment bank. Over the years, the AAIIBP expanded its operations and began to offer a wider range of financial services, including financing for small and medium enterprises, trade financing, and other services.
In the 1990s, the AAIIBP faced financial difficulties, and in 2000, it was placed under the supervision of the Bangko Sentral ng Pilipinas (abbreviated as the "BSP"), the country's central bank. Since then, the AAIIBP has been working to recover from its financial difficulties, and in recent years, it has been strengthening its operations and expanding its services.
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External Links
- Official Website of Al-Amanah Islamic Investment Bank
- Official Website of the Bangko Sentral ng Pilipinas
- Al-Amanah as a Government Financial Institution