FORMER Budget secretary Amenah Pangandaman has pledged to expand Islamic banking and deepen financial inclusion after having been appointed to helm Al-Amanah Islamic Investment Bank of the Philippines.
“I begin this new chapter with humility and a clear commitment to help build a stronger institution that expands financial inclusion, grows Islamic banking, and delivers opportunities to more Filipinos, especially those who have long been left behind,” she told The Manila Times on Monday.
Pangandaman served as Budget chief from 2022 until November last year when she resigned after her department was linked to a massive flood control project scandal. No charges have been filed against her and Malacañang on Monday defended her appointment.
As the country’s only Islamic bank, Al-Amanah plays a central role in promoting Islamic finance by offering banking products and services that comply with Shari’ah principles, which prohibit the charging or payment of interest and instead emphasize profit-sharing, asset-backed financing and ethical investments.
Pangandaman said there was “important work ahead” and expressed confidence in working with the bank’s employees and stakeholders to further strengthen the institution.
“We will build on what has been started, uphold the highest standards of integrity and prove that inclusive finance can be a powerful driver of peace, growth and development, especially in Mindanao,” she also said.
