Al-Amanah Islamic Investment Bank of The Philippines
The First The Only.
Some Banks are Interested In What You Have. We Simply Look at What We Can
Here at Islamic Bank, we are changing the face and ways of banking. Gone are the days when you worry about fluctuating interest costs of losing entire properties due to default in payment obligations resulting from business failure in a volatile economy. We don’t believe in confiscatory banking because banking is about Partnership in its purest sense- about caring for each other… about building the future. Together.
|Makati Executive Office
G/F – NDC Building 116 Tordesillas St.,
Salcedo Village, Makati City
Lucia Chiong Building Gov.
Lim Avenue, Zamboanga City
Tel : (062) 991-4158
Fax : (062) 991-2030
Islamic Investment Bank of the Philippines:
Excellent Banking System for Our Muslim Counterparts in the Philippines
The Philippine’s economic growth during the late 2000s has seen a myriad of changes and improvements, several contributing factors of these are the increase of export products and materials that are marketed in international trade and also the increase of revenue from industrial and banking investments. One interesting facet is the prominence of Philippine banking systems that contribute to this growth, the top choice and banking system that has the broadest scope in terms of individual or corporate banking would be the universal banks which enjoy the ability to practice multiple functions much like an investment house, an example would be the RCBC group of banks and the Bank of the Philippine Islands. A particularly unique banking concept that’s used previously by the Muslim regions in the Philippines would be the Al-Amanah Investment Bank or the Islamic Investment Bank of the Philippines.
This bank was previously established in 1973 by the late President Ferdinand Marcos as decreed by Presidential Decree No. 264. It started out with an initial capital of 100 million pesos and its charter began to open in regions like Cotabato, Basilan, Lanao Del Sur, Palawan, Basilan, Sulu, Tawi-Tawi, Zamboanga Del Sur and Zamboanga Del Norte. And the on 1989 it was again re-charted and expanded to reagions in Sultan Kudarat and Maguindanao, then the capital was increased to 1 billion pesos. The concept of Islamic banking by the Islamic Investment Bank of the Philippines pertains to a system that mirrors that of Sharia (Islamic Law) within this system, the collection and payment of interest is strictly prohibited; it forbids the kind of transactions that involve interest because of the teachings that all income should be determined by the amount of work in congruence with the factors of production. Another tenet in Islamic Banking of profit loss encourages out Muslim brothers and sisters to invest money and become partners to share both the risks and profits of the business.
More on Islamic Transactions
It is the Philippines that really pioneered on Islamic banking especially here in Asia, like an Islamic mortgage transaction which system entails that instead of loaning a buyer money to purchase an item , the bank might but the item from the seller and resell it to the buyer for profit then conclusively letting the buyer pay in installments. And since the late 1980s a lot of countries like Malaysia and Bahrain redefined their financial institutions with the central tenets of Sharia, and is a growing segment in the global financial industry with assets exceeding US $400 billion. It is also good to note that Islamic banking is growing by 20% a year. By 2008 the Islamic Investment Bank of the Philippines has been bought by another government owned bank which is the Development Bank of the Philippines, almost 69% of the stake as been taken and has gained a new opportunity to expand to small and medium enterprises in Mindanao as well as other regions in