Bogus

Bangko Sentral ng Pilipinas
MAYNILA, PILIPINAS
OFFICE OF THE GOVERNOR

CIRCULAR – LETTER

TO: ALL CONCERNED

Please be advised that the Bangko Sentral ng Pilipinas recognizes only one “ISLAMIC BANK”: the AL-AMANAH ISLAMIC INVESTMENT BANK OF THE PHILIPPINES organized pursuant to R.A. No. 6848. It is owned by the National Government, the Social Security System, the Government Service Insurance System, the Development Bank of the Philippines and the Asset Privatization Trust (now the Privatization and Management Office), and is headed by Mr. Zacaria A. Candao as Chairman and Chief Executive Officer. Its Executive Office located at the G/F – NDC Building, 116 Tordesillas St., Salcedo Village, Makati City.

This clarification is issued in view of the existence of a bogus “ISLAMIC BANK” led by Mr. DAUD GABRIEL MANGOMPIA and Sri Lankan variously known as AKAM ASHROFF GAFFOOR or ABDUL GAFFOOR ASHROFF, with office address at No. 3, Block 11, Marawi Avenue, Maharlika Village, Bicutan Taguig, Metro Manila. Another business address being used by this group is at the 30th Floor, Washington Tower, Asiaworld City, Paranaque, Metro Manila.

These individuals also refer to this so-called “ISLAMIC BANK” as the AL-AMANAH ISLAMIC INVESTMENT BANK OF THE PHILIPPINES which they represent, however, to be A PRIVATELY-OWNED ISLAMIC BANK and invoke the same R.A. No. 6848 as its Charter.

The Bangko Sentral ng Pilipinas has filed a complaint (I.S. No. 99-1806) with the Department of Justice against this bogus bank for violation of Sec. 6 of Republic Act No. 337 (The General Banking Act), which states:

“No person, association or corporation not conducting the business of a commercial banking corporation, trust corporation, savings and mortgage bank, development bank, rural bank, savings and loan association, or building and loan association, as defined in this Act, or other banking laws, shall advertise or hold itself out as being engaged in the business of such bank, corporation or association, or use in connection with its business title the word or words “bank”, “banking”, “banker”, “building and loan association”, savings and loan association”, “trust corporation” “trust company”, or words of similar import, or solicit or receive deposits of money for deposit, disbursement, safekeeping , or otherwise, or transact in any manner the business of any such bank, corporation or association, without having first complied with the provisions of this Act or other banking laws. For any violation of the provisions of this section by a corporation, the officers and directors thereof shall be punished by a fine of five hundred pesos each day during which such violation is continued or repeated, and in default of the payment thereof, subsidiary imprisonment as prescribed by law”

The Department of Justice, in its resolution dated February 6, 2001, indicated Messrs. Daud Gabriel Mangompia, Abdul Gaffoor Ashroof, et. Al., for violation of the above-cited law in ralation to Section 36 of R.A. No. 7653 (The New Central Bank Act) and approved the recommendation that a case be filed in court against the respondents.

(Sgd.) ALBERTO V. REYES
Officer-in-Charge

14 September 2001

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