Republic Acts1 min read
Section 48January 26, 1990, Sec./Art. 48
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Transformation to Islamic Banking Business. - Upon approval of this Act, all the assets, liabilities and capital accounts of the Philippine Amanah Bank are hereby transferred to the Al-Amanah Islamic Investment Bank.
Nothing in this Act be construed to preclude the Islamic Bank from transforming its investment portfolios, accounts or assets for the conduct of Islamic banking business.f, for any reason, such portfolios, accounts or assets granted under the authority of the Philippine Amanah Bank Charter are not eligible for this purpose, the same may be transferred, swapped, sold or otherwise disposed of in any manner deemed feasible following the effectivity of this Act.
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