Section 12January 26, 1990, Sec./Art. 12

Non-Interest Bearing Placements. - The Islamic Bank is authorized to accept deposits from governments, banks, organizations or other entities and individuals from within the Philippines or abroad which shall form under any of the following non-interest bearing placements:

(1) Saving accounts

(2) Investment participation accounts

(3) Current accounts and other deposit liabilities.

Any deposit received by the Islamic Bank without authorization to invest shall be treated as current accounts and savings accounts and may be withdrawn wholly or partly at any time.

All deposits received with authorization to invest for a given period of time shall form part of the general pool of placements allocated for investment portfolios of the Islamic Bank and may be added to its working capital to be invested in any special projects or in general areas of investments or commercial operations of the Bank.