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PIA Press Release

ARMM to set-up Islamic Bank

ICC-Cotabato City (24 November) -- An Islamic bank will be set-up soon in the Autonomous Region in Muslim Mindanao (ARMM).

ARMM Regional Government Datu Zaldy U. Ampatuan bared this during his 4th State of the Regional Address (SORA) last Monday afternoon and held at the Shariff Kabunsuan Complex here.

Ampatuan said the bank once in place will attract foreign investors from Muslim countries.

He said a "start-up capital for the bank of P20-billion" will be pooled from the resources of the regional and local government units.

"This bank shall also serve as an official depository bank of ARMM agencies and local government units (LGUs). This bank will surely be a viable investment," Ampatuan explained.

ARMM Deputy Executive Secretary Atty. Ishak V. Mastura, said on Tuesday they hope to establish the bank through an act that will be legislated by the Regional Legislative Assembly (RLA) which act shall jibe with the rules of the Bangko Sentral ng Pilipinas (BSP).

"The establishment of an Islamic Bank in the ARMM is still under study, "Mastura, the region's former Trade and Industry" secretary said.

One of the reasons why the regional government is pushing for the establishment of Islamic bank is the crunch that lately hit mainstream international commercial banks, he said.

"The Islamic banking system was able to maintain its credibility as it was spared from speculation," Mastura pointed out.

RG Ampatuan, who made history as the first ARMM governor to be re-elected, said the regional government's thrust in the next three years will be focused in harnessing the areas economic potentials to uplift the poverty level in the autonomous region. (MCD/RICC Cotabato City) [top]

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