To support Amanah Islamic Bank’s (AIB)pledge to become a full Islamic Bank, the Asian Development Bank (ADB) awarded a Technical Assistance (TA)grant for the capacity building of its staff, processes, and procedures.
In its project launch held virtually on August 6, 2021, Mr. Asghar Ali Syed, principal member od ADB’s Islamic Finance Working Group and Head of its Corporate Procurement, announced ADB’s full support in the socio-economic development and acceleration through the creation of Islamic banks and designated Islamic banking units. ADB’s TA aims to expand Islamic financial services in the Philippines under a suitable legal and regulatory environment.
Under the capacity building project, as explained jointly by Mr. Farrukh Raza and Manar Abbas, Founder/Group CEO and Director, respectively, of Islamic Finance Advisory and Assurance Services (IFAAS), AIB needs to develop new financial products that are Sharia compliant, competitive, and attractive to both Muslim and non-Muslim clients of the Bank with the aim of improving their livelihood and growing their businesses.
To this end, IFAAS, under the ADB-TA will deliver the following services to AIB categorized in 4 modules: Product Development, Shariah Governance, Train-the-trainer, and operational Implementation.
This announcement was welcomed by the Department of Finance Secretary, Carlos Dominguez III during his speech at the project launch ( https://drive.google.com/file/d/1IB-7sMh_dPlMXhlebx_0zhmJWveCmO55/view?usp=sharing ) and DBP President and CEO Emmanuel Herbosa. Pres. Herbosa is highly committed in supporting the Amanah Islamic Bank and with the passing of the Islamic Banking Law, he is very confident and looks forward to the Bank keeping its position in the industry.
Chairman and CEO Alex P. Bangcola of Amanah Islamic Bank likewise expressed his appreciation to ADB for the TA grant and his commitment to fully support the staff in the capacity building project.
This Technical Assistance grant is a project made possible by Rowena Thakur, Corporate Communications Officer, AIB.
AIB, PETRICHOR and PRESCORP ink Partnership Agreement for Waste to Energy Power Plant Project in Cagayan Economic Zone
Front: (L-R) Ms. Vaidyanathan Gayathri , Mr. Alex P. Bangcola, , Mr. Rey Ignes.
Back: (L-R) Representative from the office of the President, Mr. Ashraf Ader, Ms. Arleth Mendoza, Atty. Jomaila Rangiris, Atty. Aimee Macarambon, Mrs. Pontillo, and Mr. Florentino Pontillo.
On December 8, 2020, Mr. Alex P. Bangcola, Chairman and CEO of Amanah Islamic Bank (AIB), Ms. Gayathri Vaidyanathan, CEO of Petrichor Capital SDN BHD, and Mr. Reynaldo Ignes, Chief Finance Officer of Philippine Renewable Energy Solutions Corporation (Prescorp) signed a tripartite Memorandum of Agreement (MOA) at the Manila Hotel for the development of Waste to Energy (WTE) facility which will be piloted in Cagayan Economic Zone Authority.
The WTE project is worth USD 130 Million and will be outsourced through AIB’s General Islamic Investment Account or Sukuk. The AIB acts as conduit for the Prescorp, the project proponent and Petrichor as the investor. Islamic Banking has gained prominence and preference in the international financial market due to its profit and loss sharing mechanism and Shariah compliance.
In consonance to AIB’s mission to support green finance and participate in national socio-economic development, this project will benefit the Local Government Unit (LGU) of Cagayan as it will generate jobs in the area and it will generate income from the sales of energy such as biochar and feedstock derived from processed and converted waste.
As the Philippine economy suffered harshly during the COVID-19 pandemic, this project is timely because the economy is gradually opening and the government has prepared an economic recovery plan for various sectors including the Energy sector.
BULLETIN OF VACANT POSITIONS IN
AL-AMANAH ISLAMIC INVESTMENT BANK OF THE PHILIPPINES
It is with immense sadness that we inform you of the passing away of our dear Director and mentor, Ret. Gen. Miguel C. Abaya, on Thursday, 25 March 2021. He is survived by his wife Milagros and three children Gemma, Sheila, and Jomini Manuel. Dir. Abaya was 85years old.
He joined Amanah Islamic Bank on 28 September 2017 and was elected as a member of the Board of Directors. He was Vice Chairman of the Corporate Governance Committee and a Member of the Executive Committee. Prior to joining AIB, he was an active member of the military post. He was the Regional Commander for PC/PNP Region 11 from 1987 to 1989, and Regional Commander for Region 1 from 1989-1991.
A graduate of the Philippine Military Academy (PMA) in 1959, Dir. Abaya took and completed in 1982 his postgraduate studies at the University of the Philippines, Cebu. In 1985, he went to the United States of America to study International Defense Management at the Naval PostGraduate School, Monterey California.
Dir. Abaya will be remembered as a highly respected, humble, and supportive colleague. Serious looking as he may seem, he always had a ready smile when approached. He was accommodating and eager to present his views and opinions that matter. The times he sat in our Board of Directors meetings will be treasured forever.
Our deepest sympathies go out to his family for his sudden departure. Dir. Abaya will be greatly missed by all of us. May his soul rest in eternal peace.