Al Amanah Islamic Bank appoints new chief executive

MANILA, Philippines - The Al Amanah Islamic Investment Bank of the Philippines (Amanah Islamic Bank) has a new chairman and chief executive officer, Enrique D. Bautista Jr. Bautista, a BS Management graduate from the Ateneo de Manila before moving to critical positions in PLDT/Telestat, Asian Bank, Anscor Capital and Investment Corp., and Bancom Development Corp.

Joining Bautista in the board are Jose A. Nunez Jr. as vice chairman, Francisco F. del Rosario Jr., Jose Luis Vera, Armando Samia, Samira Gutoc, Nabil Tan, Ibrahim Mamao and Abdul Hadjisalam as directors.

Amanah Islamic Bank is the first and only Islamic bank in the country, and it is mandated to serve the banking needs of the Muslim community. It was formed as Philippine Amanah Bank in 1973 by virtue of Presidential Decree 264 by then Pres. Ferdinand Marcos.

It was subsequently re-established a Amanah Islamic Bank in 1990 to promote and accelerate the socio-economic development of the Autonomous Region of Muslim Mindanao (ARMM).

In 2008, the Development Bank of the Philippines (DBP) acquired full control of Amanah Islamic Bank to help support the development of DBP’s initiatives for micro, small and medium enterprises (MSME) in Mindanao, and provide alternative banking services in response to emerging global Islamic markets.

The following year, it was fully absorbed by DBP, and since then, the unique bank successfully achieved a clean balance sheet by the end of 2010.

Bautista also said Amanah Islamic Bank offers conventional and Islamic deposits as well as conventional loans and Islamic financing. It has started promoting Islamic banking by funding projects under murabaha(cost plus), ijarah (leasing), istisna (construction), and mudaraba (partnership).

“We are eyeing to convert into Islamic banking within a five-year transition period,” he said.

Amanah Islamic Bank also provides financing to qualified dealers of Petron Corp. for project site acquisition and capital expenditure requirements for the opeation of Petron Bulilit gas stations. This is aimed at further promoting investment opportunities in Mindanao.

The country’s only Islamic bank has nine branches, eight of which are located in Mindnao. Of the eight branches, six have been refurbished, specificially Cagayan de Oro, General Santos, Jolo, Zamboanga, and Makati.

Presently undergoing refurbishing are the Davao, Marawi and Iligan branches. All branches are now operating on-line for better services.