Al Amanah Islamic Bank of the Philippines (AAIIBP) marks its 50th anniversary with a vision for the future, positioning itself as a trailblazer in digital banking and spearheading the Islamic banking industry in the country. In an interview with Manila Standard, Alex Bangcola, Chairman and President of AAIIBP, outlined the bank’s commitment to innovation and sustainability in Islamic banking. The bank’s “Amanah 2.0” initiative signifies a transformative phase, focusing on reimagining services, embracing digital advancements, and delivering cutting-edge solutions to customers. This forward-looking approach aims to enhance customer experience, streamline processes, and leverage technology to advance Islamic banking services.
A significant development for AAIIBP is the acquisition of a 40% stake by Swiss project finance company Soleil Capitale Groupe GmbH (SCG). This strategic investment grants SCG multiple board seats and positions AAIIBP to play a vital role in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) through its expertise in Islamic finance. As the only Islamic bank in the Philippines, AAIIBP’s collaboration with SCG opens doors to the fast-growing Islamic finance industry. Leveraging SCG’s global network and expertise, AAIIBP aims to attract development funds and promote progress, trade, tourism, and agriculture in the region.
Discussing the bank’s potential transition to privatization, Bangcola highlighted the advantages of this move, including greater flexibility, agility, and autonomy to drive growth and adapt to customer needs. He emphasized that Islamic banking’s sustainability lies in its principles of fairness, transparency, and shared prosperity, making it an attractive choice for individuals and businesses seeking ethical financial solutions. Under Bangcola’s leadership, AAIIBP has witnessed a remarkable transformation, with Islamic banking transactions now accounting for 90% of its operations. The bank plans to expand its presence nationwide and contribute significantly to the development and upliftment of BARMM.
As AAIIBP celebrates its golden anniversary, it remains committed to leading the way in Islamic banking and serving as a trusted institution for those seeking socially responsible financial solutions. With its focus on digital innovation, sustainability, and inclusive growth, AAIIBP sets an example for the broader banking sector, demonstrating the potential for financial innovation to align with ethical practices and promote shared prosperity.