Al-Amanah To Study Islamic Finance

AL-AMANAH Islamic Investment Bank of the Philippines will be sending some of its employees for training in Malaysia in its bid to acquire the best practices in Islamic finance and to turn around its finances.

"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 kind of banking system," Armando O. Samia, newly elected interim chairman and chief executive officer of Al-Amanah, said in a statement.

He also said the bank is currently exploring possible tie-ups with other Islamic banks that would allow it to learn the best practices in Islamic finance.

Malaysia is the world’s largest Islamic finance market. It is the largest issuer of Islamic bonds called sukuk and has built up expertise in Islamic fund management and insurance.

According to auditing firm PriceWaterhouseCoopers, Malaysia’s Islamic financial system is regarded as one of the most progressive in the world.