Rejoinder on Islamic Bank in RP

By: Abdel Aziz Dimapunong Founding chairman, Amanah Islamic Bank

This is a rejoinder to a malicious posting on the website at www.islamicbank.com. The letter opinion was allegedly written by Vicente S. Aquino, director of the Office of Special Investigation of the Bangko Sentral ng Pilipinas. It was written six years ago but it is still appearing on the Internet in the said website. This could only mean that it is a smear campaign against my name.

Because I believe in the freedom of expression, I did not mind the letter response of the director of the BSP special investigation. As a journalist, it is my understanding that issues should be presented fairly. For this reason, I am presenting herewith my side of the issues.

The letter opinion was captioned “BSP on Islamic Bank in RP”. And it goes to saying that it was “in response to the letter-opinion of a certain Mr. Abdel Aziz Dimapunong, who claims to be chairman of Al Amanah Islamic Investment Bank of the Philippines. “ I am this same person, and it is true that I had an opinion letter that was published in the Opinion section of the Philippine Star on August 18, 2000. That was six years ago! This was also published by the Manila Bulletin on August 23, 2000. The Philippine Star and the Manila Bulletin are the two leading newspapers in the Philippines. They are also accessible through the Internet.

Since director Vicente Aquino was responding to my letter-opinion, I feel it is but fair to present also a copy of my letter-opinion. The following is a reprint of a six year old letter opinion that is being brought back to life by somebody in the Internet. It should really be considered as part of the history of the Islamic Bank. My published letter-opinion was captioned by the Manila Bulletin as “Islamic Bank clarifies ‘unfounded charges’, and entitled “BSP suit vs. bank clarified” by the Philippine Star. It was to the version of the Philippine Star that Mr. Aquino wrote a respond. A verbatim reprint of my opinion-letter as published by the Philippine Star follows

“In behalf of the thousands of shareholders of the Al Amanah Investment Bank of the Philippines, I would like to request your reputable newspaper to allow me to correct and update some of the information cited in the article of Marianne V. Go entitled “BSP files suits vs. ‘fake’ Islamic Bank Owners,’ published last August 7, 2000 in the Business Section of the Philippine STAR.

I know for a fact that your newspaper has always maintained its editorial objectivity and sense of fairness in all your dealings with the public and it is on this spirit that I enumerate the following facts to the readers of the Philippine Star to know both sides to the issues surrounding the Islamic Bank.

The article is correct in stating there is only one Islamic Bank in the Philippines and it is the Al Amanah Islamic Investment Bank of the Philippines which was created by Congress through RA 6848 and signed into law by President Corazon C. Aquino on January 26, 1990. That same law, in Section 52 abolishes the Philippine Amanah Bank which was created during Martial Law.

The existence and legality of the Al Amanah Islamic Investment Bank of the Philippines which I use to lead as its first Chairman and Chief Executive from 1992 to 1995 has been upheld by the Court of Appeals decision (CA-GR No. 28445-SP) dismissing the suit filed by Roberto de Ocampo, et. Al., questioning the legality of the Islamic Bank. A concurring decision on July 19, 1993 by the Supreme Court in Case UDK-11290 terminated with finality all legal actions questioning the implementation of RA 6848. The so-called Amanah Islamic Investment Bank of the Philippines which is supposed to be operating out of Pacific Star Building in Makati City is fiction created by the officials of the abolished Philippine Amanah Bank which has no assets, shareholders and banking operations having vacated its Pacific Star office since 1996.

As to the so-called BSP “suit”, a careful reading of the RA 6848 would show that our use of the word “bank” is organic to the charter granted by Congress for the Al Amanah Islamic Investment Bank of the Philippines to operate under Shariah law and exempting it from the usual regulations applicable to banks in this country. BSP cannot supersede an act of Congress and this is the heart of our counter-affidavit which we filed with the Department of Justice in response to the affidavit of complaint filed by two lowly staff members of Bangko Sentral which was the “suit” mentioned by the article.

For the information of your readers, the matter is only under preliminary investigation; no suit has been filed in court either by DOJ nor the BSP against Islamic Bank. Moreover, the Deputy Governor of BSP, Mr. Alberto Reyes, is not listed as party to the complaint, nor is the BSP an official complainant in the DOJ preliminary investigation. There is also no Monetary Board resolution supporting the filing of the said complaint which really makes us wonder about Mr. Reyes’ statements mentioned in the article. The actual affidavit of complaint was not against’ the group led by Abdul Gaffoor Ashroff’ but essentially about the Islamic Bank’s use of the word ‘Bank’ without BSP authorization which the Congress of the Philippines granted in RA 6848.

May I also correct the deception that Mr. Gaffoor or any single group owns the Islamic Bank. The Al Amanah Islamic Investment Bank of the Philippines has thousands of shareholders and Mr. Gaffoor is just one of them. It is our collective decision and recognition of Mr. Gaffoor’s commitment and vision for the people of Mindanao that made possible his election and induction as President of the Islamic Bank in our general shareholders meeting last August 04, 2000 at the Intercontinental Hotel, Ayala Avenue, Makati City. The Al Amanah Islamic Investment Bank of the Philippines has laid out in that meeting its plans and programs to uplift the livelihood and economic plight of our Muslim and Christian communities in Mindanao and other parts of the country. We have the resolve and resources to back up that mission to bring prosperity and with it real peace in Mindanao.

Our best wishes to your highly credible and outstanding newspaper.

(Sgd) Abdel Aziz Dimapunong