DBP-controlled Al-Amanah elects interim chairman, CEO

MANILA, Philippines – Shareholders of Al-Amanah Islamic Investment Bank of the Philippines (AAIIBP) unanimously elected accomplished bank executive Armando O. Samia as interim AAIIBP chairman and chief executive officer during a special shareholders’ meeting held yesterday at the DBP head office in Makati.  

Samia replaces Jaime Panganiban who has resigned to attend to private business. 

The interim AIIBP chairman and CEO is the former head of DBP’s marketing (head office) sector, where he was responsible for taking the lead in major corporate lending, finance deals and underwriting issues.           

The new interim chair said that AAIIBP is currently in discussion with foreign Islamic banks for possible tie-ups.

He likewise said that AAIIBP employees will be undergoing extensive training to equip themselves with the right knowledge and understanding of Shariah banking. “We are sending a group of 15 employees to Malaysia next week to study Islamic banking because we want the bank to give special focus on this banking system.”           

Prior to joining DBP, Samia was vice president and deputy general manager of the Bankers Trust Company, Manila Offshore Branch, where he headed sales and distribution of the branch’s various products originating from corporate finance.           

He joins the AAIIBP board composed of vice chairman Patricia A. Sto. Tomas and directors Reynaldo G. David, Rey Magno Teves, Ramon Durano IV, Samira Gutoc, Nabid Alfad Tan, and independent directors Abdul Hadjisalam, Al Haj and Ibrahim Mamao.

AAIIBP will elect the new members of its Board during its regular annual shareholders’ meeting on July 29, 2009 and the election of the new officers of the bank during an organizational meeting to be held immediately after the annual shareholders’ meeting.          

Last year, DBP acquired full control of AAIIBP to help support the development of DBP’s initiatives for micro, small and medium entrepreneurs in Mindanao as well as to serve as the main remittance outlet for Muslims and Mindanao-based overseas Filipino workers.           

AAIIBP is the first and only Islamic bank in the country whose mandate is to serve the banking needs of the Muslim community. It was formed as the Philippine Al-Amanah Bank in 1973 by virtue of PD 264 issued by then President Ferdinand Marcos. It was re-established as Al-Amanah Islamic Investment Bank in 2000 to promote and accelerate socio-economic development of the Autonomous Region of Muslim Mindanao where the poorest provinces are located.