Photo caption - Photo shows (seated, from left to right): DBP President and Chief Executive Officer Gil A. Buenaventura; Secretary Mehol K. Sadain of the National Commission on Muslim Filipinos; AAIIBP Chairman and Chief Executive Officer Atty. Jose Luis L. Vera, and DBP Chairman Jose A. Nunez, Jr. At the back (standing, from left to right) are: AAIIBP Corporate Secretary Atty. Carlos R. Cruz, and AAIIBP Directors Ibrahim Mamao and Abdul Y. Hadjisala
The Al-Amanah Islamic Investment Bank of the Philippines (AAIIBP) launched last February 6 its Pilgrimage Savings Plan (PSP) that aims to help Muslim Filipinos start their savings plan for future Hajj or Umrah.
The initiative was launched with the signing of a Memorandum of Understanding (MOU) between AAIIBP, represented by its Chairman and CEO Atty. Jose Luis L. Vera, and the National Commission on Muslim Filipinos (NCMF) represented by Secretary Mehol K. Sadain. The Hajj or Pilgrimage is one of the five pillars of Islam that Muslims are encouraged to undertake. It entails travel to the cities of Makkah and Madina in Saudi Arabia which will incur costs such as plane fare, food, lodging and local transport. With the PSP, Muslim Filipinos can plan and start preparing for their Hajj by building up their savings with AAIIBP, enabling them to perform their religious obligation with ease and less financial strain. The PSP is a savings deposit account under the "Wadiah Yad Dhamanah" or guaranteed safe custody principle, available in maturities of 1, 5, 10 or 15 years. Initially, the minimum plan is P100,000 and can be increased by increments of P10,000, depending on the projected financial capacity of the depositor. The PSP shall be covered by an agreement between AAIIBP and the depositor, whereby a passbook is issued to the depositor as proof of enrollment as well as for recording his PSP transactions. According to AAIIBP Head of Operations Idiosa Ursolino, the PSP promotes the Islamic mandate of the bank and takes it a step further by catering to every need of Muslim Filipinos.