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.
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.
In a series of occasion, Amanah Islamic Bank marked its first ever Charitable Assistance Program by way of Zakat. Spearheaded by the Bank’s Chief Operating Officer, Atty. Imelda Tarhata F. Macarambon, the Bank, with the support of its Board of Directors and the Management Team, successfully delivered and distributed Zakat assistance in various areas in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) such as Tawi-Tawi, Basilan, Cotabato, Marawi, and Jolo from November to December 2019.
Among the beneficial recipients of Zakat are the Provincial / Regional Hospitals of the provinces, Imams, Caretakers of Masjeeds, Charity Homes, and Orphanages.
While giving of Zakat is considered one of the five pillars of Islam which obligates every earning Muslim to share a portion of their earnings to the poor or the eight (8) covered beneficiaries thereof as prescribed by the Holy Qur’an, the Team was overjoyed with the warm welcome, reception, and seeing big smiles on the faces of everyone.
Looking forward to its next Charitable Assistance Program drive!!
The Officers of Amanah Islamic Bank participated in a series of Islamic Banking Training for Bankers and other Stakeholders granted by the Asian Development Bank’s (ADB) Knowledge and Support Technical Assistance on Islamic Finance for the Philippines. These trainings are in line with the Bangko Sentral ng Pilipinas’ (BSP) thrust to promote Islamic Banking in the country as part of its financial inclusion agenda which were held in the BSP Headquarters in Manila on January 27-31 and February 6-7, 2020.
The topics discussed are Foundations of Islamic Finances, Shari’ah Governance, Islamic Banking, Microfinance, Islamic Capital Markets, and the Foundations and Principles of Takaful. These insightful and highly educational topics were facilitated by the Islamic Finance Advisory and Assurance Services (IFAAS) Group.
Under the leadership of Chairman & CEO Alex P. Bangcola and through the initiative of Chief Operating Officer/Legal Counsel Imelda Tarhata F. Macarambon, the officers and employees of the Almanah Islamic Bank raised funds out of their own salary to extend sadqah (charitable assistance) to students of Mindanao State University who were stranded inside its campus or areas were its Units are situated due to sudden Declaration State of Health Emergency by President Rodrigo Duterte on March 8, 2020, which placed the entire Nation under Enhanced Community Quarantine (ECQ) or Lockdown. Above said officers were top contributors, while all other officers who were receiving RATA, all contributed P500, P150 from employees with SG14-16 without, and P100 from those with SG10-13 positions. The sadqah (donated amount) for food and other basic provision to affected students was handed to MSU Crisis Management Committee on Covid 19 through MSU President Habib W. Macaayong at his Office in MSU Campus, Marawi City, byAIB Branch Head Sittie Haniyah G. Guro and Accountant Nasima T. Abdul Basit on 7 April 2020.