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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.