By: Abdel Aziz Dimapunong
Founding chairman, 1992-1998
Amanah Islamic Bank
Founding chairman, 1992-1998
Amanah Islamic Bank
Chancellor, Islamic Banking Research Institute
Peace and greetings to everyone. Al hamdullilah. It has been fifteen (15) years since we officially organized the Al Amanah Islamic Investment Bank of the Philippines, or Islamic Bank for short. May I congratulate the board of directors, most especially the incumbent chairman, Mr. Grande M Dianaton for having maintained themselves on their saddles.
I had been asked to say some words about the background of the Islamic Bank privatization. As a founding chairman, and after having served the Islamic Bank from 1992 to 1998, I always have many things to say about the Islamic Bank and about Islamic banking in the Philippines.
I am sure that the business sector including banking and finance will remember most of what I have to say today. Before the fall of President Ferdinand Marcos, he issued two successive Presidential Decrees, PD 2029 and PD 2030. These two Decrees declared privatization as a matter of national policy. Privatization was actually an implementation of the Structural Adjustment Program that was imposed by the International Monetary Fund and the World Bank.
On February 1986, President Cory Aquino succeeded Marcos by the popular people power. Aquino pursued vigorously the implementation of the privatization laws. In addition to PDs No. 2029 and 2030, Aquino signed into law Proclamation No. 50, creating the Committee on Privatization (COP) and the Assets Privatization Trust (APT) to administer the implementation of privatization.
In 1989, the Congress of the Philippines passed into law R. A. 6848. Former Pres. Corazon C. Aquino signed this special law on January 26, 1990 for the special privatization of the new Al Amanah Islamic Investment Bank of the Philippines (AIIBP).
On June 25, 1991, I was designated by the office of the President of the Philippines to organize this bank pursuant to the provisions of its charter.
It is to be noted carefully that the new Al Amanah Islamic Investment Bank of the Philippines was not the same entity as the then Philippine Amanah Bank. (PAB). They were two different banks. One then existed. That was the PAB. The other was yet to be organized. That was to be the AIIBP.
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Peace and greetings to everyone. Al hamdullilah. It has been fifteen (15) years since we officially organized the Al Amanah Islamic Investment Bank of the Philippines, or Islamic Bank for short. May I congratulate the board of directors, most especially the incumbent chairman, Mr. Grande M Dianaton for having maintained themselves on their saddles.
I had been asked to say some words about the background of the Islamic Bank privatization. As a founding chairman, and after having served the Islamic Bank from 1992 to 1998, I always have many things to say about the Islamic Bank and about Islamic banking in the Philippines.
I am sure that the business sector including banking and finance will remember most of what I have to say today. Before the fall of President Ferdinand Marcos, he issued two successive Presidential Decrees, PD 2029 and PD 2030. These two Decrees declared privatization as a matter of national policy. Privatization was actually an implementation of the Structural Adjustment Program that was imposed by the International Monetary Fund and the World Bank.
On February 1986, President Cory Aquino succeeded Marcos by the popular people power. Aquino pursued vigorously the implementation of the privatization laws. In addition to PDs No. 2029 and 2030, Aquino signed into law Proclamation No. 50, creating the Committee on Privatization (COP) and the Assets Privatization Trust (APT) to administer the implementation of privatization.
In 1989, the Congress of the Philippines passed into law R. A. 6848. Former Pres. Corazon C. Aquino signed this special law on January 26, 1990 for the special privatization of the new Al Amanah Islamic Investment Bank of the Philippines (AIIBP).
On June 25, 1991, I was designated by the office of the President of the Philippines to organize this bank pursuant to the provisions of its charter.
It is to be noted carefully that the new Al Amanah Islamic Investment Bank of the Philippines was not the same entity as the then Philippine Amanah Bank. (PAB). They were two different banks. One then existed. That was the PAB. The other was yet to be organized. That was to be the AIIBP.
Under the%2
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