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By Maricel E. Burgonio, Reporter
THE policy-making body of the Bangko Sentral ng
Pilipinas (BSP) has approved Development Bank of the Philippines’
(DBP) acquisition of Al-Amanah Islamic Investment Bank of the
Philippines.
“DBP can take over Al-Amanah. It was approved
by the Board,” Armando Suratos, BSP deputy governor, said,
referring to the Monetary Board, which agreed last Thursday to the
transfer of control.
DBP, which has a 10 percent stake in Al-Amanah,
will buy the 20 percent stake in the Islamic bank held by the
Government Service Insurance System and Social Security System. The
Monetary Board approval also pertains to DBP’s purchase of the
minority interest held by private Muslim investors.
The national government owns 69 percent of Al-Amanah,
the first and only Islamic bank in the country.
Earlier, the BSP agreed to issue a commercial
bank license to Al-Amanah within five years of its initial
operations under a new owner to turn around the lender’s finances.
After the period of commercial bank operations,
Al-Amanah can re-emerge as an Islamic bank, or one that can offer
interest-free banking.
After four failed auctions, the government
accepted DBP’s bid to rehabilitate Al-Amanah and bring in a
foreign strategic partner within the next five years.
DBP earlier said it would set aside P1.3 billion
to acquire the capital-deficient Al-Amanah.
Al-Amanah plans to provide key financial and
banking services to the growing Muslim population in the country and
ensure the development of corporate businesses in areas where they
live.
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