ARMM to set-up Islamic bank
An Islamic bank will be set-up soon in the Autonomous Region in Muslim Mindanao (ARMM), said ARMM Regional Government Datu Zaldy U. Ampatuan.
According to Ampatuan, once the bank is in place, it will attract foreign investors from Muslim countries and hoped to harness economic potential areas inorder to uplift the poverty level in the autonomous region.
He said a “start-up capital for the bank of P20-billion” will be pooled from the resources of the regional and local government units.
The bank shall also serve as an official depository bank of ARMM agencies and local government units (LGUs), Ampatuan added. (PIA/Bohol)
