O ye who believe ! fear God and give up what remains of your
demand for usury, if ye are indeed believers. If ye do it not, take
notice of war from God and his apostle: But if ye turn back, ye
shall have your capital sums: deal not unjustly , and ye shall
not be dealt with unjustly
Quar’an 2:278-279
VISION
The ISLAMIC Bank is still in its formative stage. Expectedly, the first five years of its existence may be difficult and complex as the Bank proceeds with the establishment of institutional infrastructures and the development of its market. Given sufficient capital and armed with its comprehensive corporate powers, the ISLAMIC Bank is confident of a bright future, Insha Allah (God willing).
On the whole, the bank sees itself primarily as an institution providing not only the key financial and banking services to the actively growing Muslim population in the country, but also ensuring the development of vital corporate businesses in the area. For Islamic Banking, in essence, is not only INTEREST-FREE banking business. It is partnership in the generation of productive profits for real economic growth and national development. In providing a sense of perspective to this renewed government commitment, we charted anew the primary corporate mission of the Bank as embodied in its Charter, that is, “to promote and accelerate me socio-economic development of the Autonomous Region by performing banking, financing and investment operations and to establish and participate in agricultural, commercial and industrial ventures based on the Islamic concept of banking. ”
HISTORY
The Al-Amanah Islamic Investment Bank of the Philippines or otherwise simply known as the Islamic Bank came into existence by virtue of Republic Act No. 6848 signed into law by then President Corazon C. Aquino on January 26, 1990. The law which serves as the charter of the Islamic bank, also repealed Presidential Decree No. 264 (as amended by P.D. 542) issued by then President Ferdinand E. Marcos in 1973 creating the Philippine Amanah Bank, its forerunner. Aside from providing for the legal basis for the adoption and operationalization of the Islamic banking system in the Philippines, the law likewise directs the transfer of the assets and liabilities of the dissolved bank to the Islamic Bank.
Actual Islamic Banking operation was initially launched at our Cotobato City branch on February 11,1991 corresponding to the 27th day of Rajab 1411. The response of the banking public, particularly the Muslim population, was very favorable and encouraging. During the opening day, total deposits received amounted to P367,350 involving 35 accounts.
As of May 31,1991, it increased to P4.910 million with savings deposits comprising 311 accounts, current deposits 43 accounts and investment deposits, 3 accounts. The Bank also received 15 applications for financing. The projects involved working capital requirements for trading, real estate development and construction business.
Chairman Ali B. Sangki assumed the Chairmanship of the Bank on September 30, 2005. Chairman Sangki has handled various Executive position in the Southern Philippines Development Authority (SPDA). Chairman Sangki also served for three (3) terms as Provincial Board Member (a legislative assembly) of the Second District of Maguindanao. During his stint as Board Member, Chairman Sangki handled various committees such as Finance and Appropriations, Rehabilitation and Resettlement, the Blue Ribbon Committee and was a member of the Board of Directors of the Provincial Board members Association of the Philippines (PBMAP) representing Mindanao and ARMM in 1995-1998 and Board of Directors Member of various corporate subsidiaries of the SPDA.
Among Chairman Sangki’s achievements includes overseeing the Lake Buluan Development Project in Buluan, Maguindanao. He also played major roles as Senior researcher in the Code Commission under the late Dr. Adib A. Majul of UP-PCAS and the Codification of Muslim Laws with Atty. Michael O. Mastura (former Congressman) that led to the establishment of the Philippine Pilgrimage Authority (PHILPA) and the Shariah Courts. He also co-authored the Primer on Philippine Muslim Laws. In 1976, he was tasked to Head the Delegation of Philippine Qur’an Readers to the International Qur’an Reading Competttion in Kuala Lumpur, Malaysia, and thereafter wrote the study/guideline of the institutionalization of the Qur’an Reading Competition in the Philippines.
Chairman Sangki earned a degree in A.B. Politicial Science (Pre-Law) and MBA units at Manuel L. Quezon University. He also earned a post-graduate level course in Managing Public Enterprise at IDPM Manchester University in England in 1989.
Director Jaime F. Panganiban is representing the Development Bank of the Philippines. With over 30 years experience as a banking professional with regional postings in Hong Kong, Singapore and Indonesia, Director Panganiban’s expertise are on treasury, capital markets, investment baking, trust, wealth and risk management. Director Panganiban also serves as the Director for JP Latex Technology, Inc. and Chairman/President of JFP Assets Corporation. He handled numerous posts in the banking industry such as Advisor for the Philippine Deposit Insurance Corpration, Director of the RCBC Forex Corporation, Chairman of the Securities Clearing Corporation of the Philippines, the World Bank via the Bangko Sentral ng Pilipinas as an Advisor, Managing Director for the Bank of America (Manila Branch), Deutsche Bank AG (Jakarta) as Country Treasurer and Assistant General Manager of Dao Heng Bank Limited in Hong Kong among others.
Director Panganiban finished his BSC Accounting degree at Ateneo de Zamboanga and MBA units at Ateneo Graduate School of Business. He also studied Financial Asset Management and Engineering in Fame, University of Lausanne, Switzerland as well as Advanced Management Program (AMP) at Templeton College, University of Oxford, U.K.
Director A.R. Bengzon is representing the Privatization Management Office where he is serving as Chief Privatization Officer. Director Bengzon earned a B.S. in Management degree at the Ateneo de Manila University and post graduate MBA in Finance in Fordham University as well as graduate studies in Business Management in I.M.E.D.E. (Lausanne, Switzerland).
Director Bengzon held various posts in the Banking and Finance industry which included stints as Vice President and Director for BPI Securities, Inc., President and Director for BPI Investment Management, Inc., President of Derivatives Investment and Advisory Services and First Capital Investors, Inc. (New York), as Vice President of Shearson Lehman Brothers, Inc. (New York), Research Director for International Capital Markets Corporation (New York), Citytrust Banking Corporation as Branch Manager among others.
Director Dorenda M. Dasmariñas is representing the Social Security System where she is a Senior Attorney. She also served as a Legislative Researcher in the House of Representatives and worked for the Consultative Commission for Muslim Mindanao and the National Irrigation Administration in Zmboanga del Sur.
Director Dasmariñas has a Bachelor of Science in Community Development Degree (Cum Laude) from Mindanao State University. She earned her Bachelor of Laws in University of Santo Tomas where she was a Dean’s Lister. She also holds a Diploma in Industrial Relations from the University of the Philippines, Diliman, Quezon City.
Director Sultan Azis. M,Tawagon was elected as a Director of the Bank in June 30, 2003, representing the National Government. Director Tawagon was the Vice President for Finance of De Oro Tropical Fruit Corporation and a Consultant of the Office of the Mayor of Marawi. He was also the Regional Manager of Landbank of the Philippines and a former Consultant of the Office of the Governor of Lanao Sur and worked as the Executive Director for the National Islamic Foundation for Development from 1998 to 2001.
Elias A. Macarandas was elected as a Director of the bank on June 30, 2003 representing the Government Service Insurance System. Director Macarandas is a B.A. in Arabic Language Graduate at Al-Azhar University and also earned an M.A. in Education from the Mindanao State University. He is the Dean and Director of the Institute of Islamic Studies Jamiat Phil. Al Islamia and the President of the Philippine Muslim Welfare Society. He is also the President of the Pendolonan Multi-Purpose Farmers Association and the Chairman of the Lanao Muslim- Christian Movement for Peace and Dialog.
Director Mohammad Omar A. Fajardo was elected as a Director of the Bank in June 30, 2003 representing the National Government. Director Fajardo is currently the Chairman of Al Jazira Trading Co., Fajardo Group, Union Rich Pagsanjan and Galaxy Fireworks respectively. A former Congressman from 1995-1998, Director Fajardo also served as a Director/Consultant of Imperial Resources, Inc. from 1998-2001 and was a Communications Engineer of Saudi Telecoms from 1982-1994. He was an Electronics and
Communications graduate from Feati University and obtained a Post Graduate Degree in Modern Management from the British Career College.
Habib Mudjahab A. Hashim was elected Director of the Board of the bank on June 30, 2003, representing the National Government. Bachelor of Law Graduate from the University of Manila. Director Hashim was served as the Executive Director for the Office of Muslim Affairs from 2001-2002 and was an Administrator for the Southern Philippine Development Authority (SPDA) Candu I. Muarip
Director
Candu I. Muarip was elected director of the bank on June 30, 2003, representing the National Government. Director Muarip obtained a Bachelors Degree in Elementary Education from the Philippine Christian University and Bachelor of Law from Zam A.E. College and Post Graduate studies in Economics at University of the Philippines. Director Muarip is currently the Commissioner of the Presidential Commission on the Visiting Forces Agreement representing the private sector. He is a former Congressman of the House of Representative, Assemblyman (Batasan Pambansa) and was the Municipal Mayor of Tuburan Municipality of Basilan from 1976-1978.
