MANILA, Philippines - The country’s only Islamic bank has been placed on the auction block in a bid to broaden its ownership and financial expertise.
As part of its five-year rehabilitation program, a 49 percent stake Al Amanah Islamic and Investment Bank of the Philippines (Amanah Islamic Bank) will be offered to interested parties, particularly to existing Islam-oriented financial institutions.
The sale would open up the bank to capital from the Middle East as well as Southeast Asia investors. It would facilitate the entry of Islamic banking expertise and technology. (full story)
