Current Account under “Wadiah”
Current Accounts represent deposits which are repayable on demand and without notice of intended withdrawal through issuance of checks. This account is otherwise known as demandor checking account.
The Bank accepts this type of deposit account from customers who place such deposits for safe-keeping but usually with transaction motives under the principle of Wadiah (SafeCustody).The Bank undertakes to return the deposit intact as when the customers demand. In return, it obtains the customer’s permission to make use of the funds at its own discretion without having to share the profit with them.
Savings Account under “Wadiah”
Savings Accounts represent deposits which are evidenced by a passbook and can be withdrawn upon presentation of a properly accomplished withdrawal slip together with the corresponding passbook.
The Bank accepts this type of deposit account from clients who place such deposits for safe-keeping but usually with contingency and accumulation motives under the principle of Wadiah (Safe-Custody). In return for the guarantee to pay the amounts upon receiving notice of withdrawal, the Bank obtains the permission of the customers to use/invest the funds. However, the Bank reserves the right to reward the customers for the use/investment of the funds based on balances, in one way or another, at the Bank’s discretion.
Pilgrimage Savings Plan (PSP)
PSP is a type of savings deposit account under the “Wadiah Yad Dhamanah” (guaranteed safe-custody) principle available to customers to build up their savings to finance future Muslim pilgrimages (Umrah or Hajj).
The Bank has the discretion to give “hibah” (gift), net of donor’s tax, which may be in cash or in kind, to PSP depositors depending on the profitability of the Bank’s transactions and after proper approval of the Board of Directors. Cash hibah shall be credited to the customer’s account.
It is a form of financing where the Bank purchases the goods for the customer. The customer pays the prices of the goods at cost which shall be properly disclosed by the Bank, plus the agreed profit. Payment by the customer may be at spot or at a future date agreed by the parties, ether in lump sum or installment. The tenor is usually short-term.
Purpose: For Working Capital; for acquisition of fixed assets or machineries & equipment for business use.
Tenor : Cash flow based, but not longer than the economic life of the financed asset.
In view of the requirements of BSP Circular No. 928 dated 24 October 2016 on Amendments to the Regulations Governing Fees on Retail Bank Products/Services and Dormant Deposit Accounts, Management has initiated the applicable amendments in our banking fees and service charges. Relative to this, attached is the Bank's advisory on the Bank's balance requirements, new service charges and maintenance fees for posting at a conspicuous place within the premises of all banking units.
Download PDF File:
Al-Ijarah Muntahia Bittamleek or Lease-to-Own ending in Ownership
It is a form of financing where the Bank acquires a property called the Ijarah Asset, to be leased to client at a pre-determined lease payments and lease period. The lessee promises to the lessor (the Bank) to purchase the Ijarah Asset at the end of the lease term.
Purpose: For acquisition of all types of machinery and equipment used for business; acquisition of commercial/industrial lots with or without buildings/ improvements thereon for business use.
Amount: 100% of Total Cost of Ijarah Asset
Last 21 June 2017, representatives from the Governance Commission for GOCCs (GCG) visited the AAIIBP Davao Branch to validate the Bank’s 2016 Bank-wide Performance Scorecard.
The GCG, represented by Director Gene Carl L. Tupas and Mr. Jonathan Gabriel M. Mendoza, met with the Davao Branch officers and staff namely, Ms. Camaliah T. Dianalan, Acting Branch Head, Mr. Marvin F. Tortor, Account Officer, and Ms. Leyza Meene L. Rollo, Branch Cashier. They were also joined by Officers from the Management, namely Ms. Rowena B. Cunanan, Head – HRM, Mr. Jam Abu Dharr P. Usman, Acting Head – Operations, and Ms. Aprilie Mae B. Malacay, Head – Compliance.
The AAIIBP Officers presented its achievements and contributions to the attainment of the 2016 targets, particularly on its Total Deposit Liabilities, number of loans approved and releases for the year, the Branch’s share in the Net Financing Revenue.
Mr. Usman highlighted the overall improvement in the Bank’s strategy since the assumption of its new Chairman and CEO Alex P. Bangcola. He cited the Bank’s recent approval of an Islamic facility for Car Financing and the Board-approved plan to purchase Automated Teller Machines (ATM) to address the clamour of the Bank’s clients.
Ms. Cunanan also presented the Bank’s Competency Framework and discussed the competency proficiencies of the employees and officials of the Bank.
AAIIBP Pioneers Islamic Micro-Finance for Marawi City Crises
Aiming to support the government in addressing the reconstruction and rehabilitation of Marawi City, AAIIBP pioneers its Islamic Micro-Finance for the affected persons and entities in the war-torn Marawi City. Now catering the AAIIBP’s Islamic Micro-Finance are the Branches of Cagayan de Oro City, Iligan City and the soon to re-open Marawi Branch in MSU Main Campus, Marawi City.