Al-Amanah Islamic Investment Bank of the Philippines
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AL-AMANAH ISLAMIC INVESTMENT BANK OF THE PHILIPPINES (AAIIBP)AAIIBP is the only bank in the Philippines authorized to offer Islamic banking. It is also licensed to do both commercial and investment banking services, similar to a universal bank.Historical Background:1973 - By virtue of Presidential Decree (PD) No. 264, (then) President Ferdinand E. Marcos issued the creation of the Philippine Amanah Bank (PAB). The decree required the bank to invest 75% of its total loanable funds for the purpose of providing, among others, medium and long term credit facilities at reasonable term to the people of the ten (10) primarily Muslim-dominated provinces in the country which include the provinces of Cotabato, South Cotabato, Lanao del Sur, Lanao del Norte, Sulu, Basilan, Zamboanga del Norte, Zamboanga del Sur and Palawan, consistent with its leading role in the "rehabilitation and reconstruction work in Mindanao, Sulu and Palawan", thereby transforming the Bank into a virtual development bank.1974 - Presidential Decree (PD) No. 542 was promulgated directing the bank to operate on the basis of the Islamic concept of banking following its "no interest and partnership principle."1990 - The Filipino Muslims aspiration for an Islamic Bank was finally realized. On January 26, 1990, (then) President Corazon C. Aquino signed into law Republic Act (RA) No. 6848, otherwise known as the Charter of Al-Amanah Islamic Investment Bank of the Philippines, giving birth to the first Islamic Bank in the country, the Al-Amanah Islamic Investment Bank of the Philippines (AAIIBP). The Charter provides (primarily), "the promotion and acceleration of the socio-economic development of the Autonomous Region by performing banking, financing and participation in agricultural, commercial and industrial ventures based on the Islamic concept of banking.2007 - On November 14, 2007, the state-owned Development Bank of the Philippines (DBP) completed its buyout of a 70 percent stake in Al-Aman
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