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.
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.
(Article from BusinessMirror)
AL AMANAH Islamic Investment Bank of the Philippines (AIB), a subsidiary of the Development Bank of the Philippines (DBP), will play a vital role in the rehabilitation of war-torn Marawi City and the development of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
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!!