Islamic bank spurs growth in Mindanao

MINDANAO, Cotabato City – Private and government initiatives perceived to have long-term positive effects on predominantly Muslim areas of Mindanao are the acquisition of the government-owned Al-Amanah Bank, the launch of the Malmar-Malitubog irrigation project, and agreements to set up agro-enterprises in Maguindanao, Sultan Kudarat, and other provinces.

"The business community and other Mindanao stakeholders are seeing the fruits of their advocacy efforts," said Joji Ilagan Bian, chair of the Mindanao Business Council (MBC).

Mindanao businessmen had passed resolutions urging government to provide Islamic banking services and step up vital infrastructure projects in the region.

This year’s "MinBizCon" was hosted by the Metro Cotabato Chamber of Commerce and Industry, with assistance from the city government, the GEM Program of the US Agency for International Development, business groups, and government agencies.

Investors were finalizing the purchase of the Al Amanah Islamic Investment Bank of the Philippines. The investors are Malpinas Investments Inc., a Filipino-Malaysian firm. The Malaysia-based promoters and their advisers include Bank Islam (Labuan) Ltd and Syarikat Takaful Malaysia Berhad.

Malpinas and Bank Islam (Labuan) Ltd. also signed an agreement at the Cotabato conference to facilitate training in Islamic banking as well as to formulate operational frameworks for Islamic standard banking practices.