Al-Amanah Bank launches Pilgrimage Savings Plan

MANILA, Philippines - The Al-Amanah Islamic Investment Bank of the Philippines (AIIBP), a subsidiary of state-owned Development Bank of the Philippines, has launched a Pilgrimage Savings Plan (PSP) to help Filipino Muslims start saving for future Hajj or Umrah.

Hajj or Pilgrimage is one of the five pillars of Islam that Muslims are encouraged to undertake. It entails travel to the cities of Makkah and Madina in Saudi Arabia and as such, will incur costs such as plane fare, food, lodging and local transport.

With the PSP, Muslim Filipinos can plan and start preparing for their Hajj by building up their savings with AIIBP, enabling them to perform their religious obligation with ease and less financial strain.

The PSP is a savings deposit account under the Wadiah Yad Dhamanah or guaranteed safe custody principle, available in maturities of one, five, 10 or 15 years.

Initially, the minimum plan is P100,000 and can be increased by increments of P10,000, depending on the projected financial capacity of the depositor.

The PSP shall be covered by an agreement between AIIBP and the depositor, wherein a passbook is issued to the depositor as proof of enrolment as well as for recording his PSP transactions.

According to AIIBP head of operations Idiosa Ursolino, the PSP promotes the Islamic mandate of the bank and takes it a step further by catering to every need of Muslim Filipinos.

Muslim Filipinos may apply for the program at any of AIIBP’s nine branches located in Makati, Cagayan de Oro, Davao, Iligan, General Santos, Marawi, Cotabato, Jolo and Zamboanga.

AIIBP, formerly Philippine Amanah Bank, was established by former President Marcos in 1973. With an initial capital of P100 million, it was one of the world’s first Islamic banks. It was sold to the DBP in 2008.

Its charter originally mandated it to provide financial services to the provinces of Basilan, Cotabato, Lanao del Norte, Lanao del Sur, Palawan, Sulu, Tawi-Tawi, Zamboanga del Norte and Zamboanga del Sur, where there are large, if not predominant, Muslim populations.