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Amanah Islamic Bank was first
established as "Philippine Amanah Bank" by virtue of Presidential Decree No.
264 by then President Ferdinand E. Marcos. The decree required the Bank to
invest 75%of its total loanable funds for the purpose of providing, among
others, reasonable medium and long-term credit facilities to the people of
the Muslim-dominated provinces of Cotabato, South Cotabato, Lanao del Sur,
Lanao del Norte, Sulu, Basilan, Zamboanga del Norte, Zamboanga del Sur and
Palawan.
Thus, the Bank has been
transformed into a development bank with an initial capitalization of P50
million. Amanah Islamic Bank is the only bank in the Philippines authorized
to offer Islamic banking.
It is also licensed to do
both commercial and investment banking services, similar to a universal
bank. Amanah Islamic Bank offers on-line banking to its clientele covering
the nine (9) Branches.
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