Islamic Banking in the Philippines Continues Expansion

Thursday, February 3, 2011 Label:
Islamic Banks in the Philippines continues to expand its network in the country this Muslim minority. Some time ago, as quoted by The Mindanao Examiner, the first Islamic bank in the country this former American colony, opening a new branch in the province of Sulu. Sulu is one of the areas on the island of Mindanao, an island with a majority of Muslims in the country.
According to the Governor of Sulu Province, Sakur Tan, the opening of Al-Almanah investmen Islamic Bank, is one way to attract local people to open savings accounts at the bank. Because, until now, the majority of people in the provinces are still keeping their money in the conventional way, savings at home.
''We support the opening of Al-Amanah Islamic Investment in Sulu,''he said. ''We hope this can stimulate people to start saving in a bank, for their future lives,''.
In addition, he revealed the arrival of Al-Amanah Islamic Investment Bank in the region, is a form of Islam and Christian peace in the region. ''This is a step forward to establishing peace in this province,''he said.
Philippines first Islamic bank was founded in 1973. But unfortunately, the bank established for the assistance the Government of Dubai is bankrupt in 1980.
In 2000, the bank was standing back by the name of Al-Amanah Islamic Investment Bank. He stood on the Malaysian government assistance and a number of private companies such neighboring countries. Al-Amanah Islamic Investment Bank is expected to promote and improve the quality of social life of Muslim communities in Mindanao.
Islamic banks are centered two cities namely Zamboanga City and Makati City. As of December 2010, the bank has had a number of branches namely in the areas of Cagayan de Oro, Cotabato, Davao, General Santos, Iligan and Marawi.
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