This acquisition is seen as a key move to promote financial inclusion and accelerate socio-economic development in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
Recto said the move would strengthen the Islamic banking system in the region, enabling the Bangsamoro Government to finance crucial social and infrastructure projects.
The transfer of shares, approved by the Intergovernmental Fiscal Policy Board (IFPB), will adhere to relevant laws and regulations, and aims to enhance the region's development efforts.
Al-Amanah Islamic Bank, recognized as the Philippines’ first Islamic bank, operates under Islamic banking principles and supports the socio-economic growth of BARMM.
The planned bank’s acquisition aligns with the Bangsamoro Government’s Islamic Finance Roadmap, allowing BARMM to efficiently manage funds for policy priorities and projects.
It also has the potential to introduce competitive and innovative financial services in the region, further promoting economic progress.
Both DBP and the Bangsamoro Government are securing necessary approvals to finalize the transfer and operationalize this strategic initiative.
