Al-Amanah Islamic Investment Bank of the Philippines has inked a memorandum of understanding (MOU) with the Mindanao State University (MSU) for the offering of Islamic finance course in efforts to further boost financial literacy.
Al-Amanah chairperson and CEO Amenah Pangandaman and MSU System President Paisalin Tago on Wednesday signed an MOU aimed at advancing education, financial inclusion and the socio-economic development of Muslims.
This is Al-Amanah’s first of many expected MOUs with government agencies, educational institutions, private partners and business entities as it pushes forward the country’s only Islamic bank to be a real partner in national development.
Based on the MOU, Al-Amanah and MSU will move toward the awareness and education on Islamic banking, finance, commerce, investment and other Shari'ah-compliant economic activities through academic programs, capacity-building activities, research and knowledge sharing.
One of the areas of collaboration is the offering by MSU of short courses, certificate programs and seminars in Islamic banking and finance and economics, among others.
The MOU will also enable Al-Amanah to conduct joint research, policy studies and technical exchanges.
“Over time, we want to build a stronger future for Islamic finance in the Bangsamoro region and create the next generation of Islamic finance leaders and we can certainly do that by combining Al-Amanah and MSU’s expertise,” Pangandaman said.
On the other hand, the MOU will allow Al-Amanah to help MSU personnel and the university as a whole to access appropriate Shari'ah-compliant financing facilities.
“We vow to not just grow the bank’s financial resources but also encourage more people to take part in the economy through financial literacy. And this MOU with MSU is one step toward achieving that goal,” Pangandaman said.
Further, the MOU allows for the opening and maintenance of duly authorized MSU trust accounts and other eligible accounts with Al-Amanah.
The MOU will remain effective for five years, unless earlier terminated. It may be renewed by mutual written agreement.
Al-Amanah is the country’s first Islamic bank operating under its own legislative charter. It is supervised by the Bangko Sentral ng Pilipinas, ensuring sound governance and regulatory compliance.
MSU, on the other hand, was established to advance education in the Southern Philippines, particularly among Muslims and other cultural minorities. It is mandated to provide professional and technical training and advanced instruction in literature, philosophy, the sciences and the arts, with particular emphasis on Filipino native culture. / (NINO ACLAN)