First Philippines Sukuk Planned by Al-Amanah: Islamic Finance

The Philippines’ state-owned Al-Amanah Islamic Bank may sell the nation’s first Shariah-compliant bonds to finance development in Muslim Mindanao, the poorest region and base of Abu Sayyaf separatist militants.

“There’s a lot of money in the market for sukuk that we can tap,” Al-Amanah President Armando Samia, whose bank is the only one in the Philippines with a mandate to sell Islamic notes, said in an interview yesterday. “We’re still in the very exploratory stage. Getting the first one out is difficult.”