The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) marks a significant milestone with the appointment of Amilbahar Amilasan Jr. as the acting Chairman/Chief Executive Officer (CEO) and Member of Board of Directors of Al-Amanah Islamic Investment Bank of the Philippines (AAIIBP).
Amilasan, the Deputy Minister of the region’s Ministry of Finance, Budget, and Management (MFBM), was appointed by President Ferdinand Marcos Jr. on June 19, 2024.
Considering Amilasan’s decades-long experience in handling the banking system and as a former Senior Manager of MetroBank, MFBM views this national move as instrumental in boosting the region’s Islamic banking system and financial stability.
“His dedication and contributions to the Bangsamoro have been instrumental in driving economic development and fostering inclusive growth, and we look forward to seeing his continued impact in this new role,” said MFBM.
Aside from training attended in Islamic Finance and Banking system, Amilhasan also had exposure to Malaysia’s Islamic Banking and the United Kingdom’s Islamic Finance.
Emphasizing the effectiveness of appointment upon oath-taking, he expressed gratitude for the opportunity the Philippine President and the Bangsamoro Government have given.
“I deeply appreciate the recognition and the clear affirmation of their trust and confidence as we shared one vision and goal of making the Bangsamoro thrive and progress,” Amilhasan said.
Amanah Islamic Bank’s brief background
The Amanah Islamic Bank was established in 1974 by virtue of Presidential Decree No. 264 by then President Ferdinand E. Marcos. The decree required the Bank to invest 75 percent of its total loanable funds for the purpose of providing reasonable medium and long-term credit facilities to the Muslim-dominated provinces in the Philippines.
In 1990, the bank transitioned to Islamic banking, following the “no interest principle” but offered both Islamic and conventional products until recently.
The Development Bank of the Philippines (DBP) acquired the bank in 2008 and implemented a rehabilitation plan to improve its financial health.
Currently, AAIIBP offers online banking to its clientele covering nine branches in Cagayan de Oro, Cotabato, Davao, Jolo, Iligan, General Santos, Marawi, Makati, and Zamboanga.
Why Amilasan’s appointment matters?
Amilasan said he sees the need for a proper rehabilitation plan at Amanah Islamic Bank and enough capital. He proposes a three-step approach for strengthening Amanah Islamic Bank in the Bangsamoro region:
- Comprehensive Revitalization: A thorough review and restructuring of AIB’s organizational structure, Shari’ah compliance framework, operations, and product/service offerings are necessary. This will streamline operations, ensure adherence to Islamic banking principles, and tailor AIB’s offerings to the specific needs of the Bangsamoro community.
- Strategic Vision and Planning: Developing a long-term vision and strategic plan anchored in AIB’s core mission and long-term goals is crucial. This ensures clear direction and fosters sustainable growth for the bank.
- Leveraging the Islamic Economy: A critical step involves analyzing the role of the Islamic economy within the Bangsamoro region. By designing strategies to strengthen this ecosystem, AIB can position itself as a key driver of financial inclusion and economic development aligned with Islamic principles.
This historic move places a highly qualified Bangsamoro at the forefront of a vital financial institution, shaping a brighter future for the region’s economic development and financial inclusion.
“The Bangsamoro people can hope that we will do our best to rebuild Amanah Islamic Bank. We have a lot of plans ahead in preparation for the establishment of a bank for the Bangsamoro. May Allah (s.w.t.) grant us the knowledge and wisdom to fulfill our goals,” Amilhasan said.
With Amilasan at the helm, Amanah Islamic Bank, a pioneering institution with a deep understanding of the Bangsamoro’s economic landscape, is well-positioned to play a transformative role in the region’s economic journey. (Kasan Usop, Jr.)
