ADFIAP grows to 108 members, 41 countries

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With four (4) more institutions joining as members, ADFIAP’s membership has now grown to 107 members in 41 countries and territories. Joining ADFIAP recently are the Royal Insurance Corporation of Bhutan Limited, Lanka Orix Leasing Company Plc (LOLC), Export Credit Guarantee Agency of Oman SAOC (ECGA),the Export-Import Bank of Malaysia Berhad (EXIM Bank), and Al Amanah Islamic Investment Bank of the Philippines (AAIIBP)

The Royal Insurance Corporation of Bhutan Limited (RICBL), originally incorporated under the Royal Charter in 1975, was registered in the year 1991 under the Companies Act of the Kingdom of Bhutan 1989. Its core line of business includes life insurance, non-life insurance and credit investment. Other businesses that RICBL is involved with are management of private provident fund, group insurance of civil servants, arm forces and monks, and manages the Rural House Insurance Scheme, an undertaking of the Royal Government of Bhutan. RICBL is one of the oldest financial institutions in the country with the Capital Fund over Nu. 650 million and continues to grow further and now ready to make another leap into the future as the country undergoes rapid socio-economic advances.

Lanka Orix Leasing Company Plc (LOLC) was incorporated in 1980 primarily to provide financial assistance to the SME sector in Sri Lanka under a World Bank project in collaboration with the International Finance Corporation, Bank of Ceylon, National Development Bank and Orix Corporation in Japan. Today, the LOLC group consists of eight subsidiary-companies involved in SME finance, microfinance, savings and deposits, insurance, stock brokering, development finance and Islamic finance.

The Export Credit Guarantee Agency of Oman SAOC (ECGA) commenced its activities in servicing Omani exporters since 1991. ECGA operates as national export credit agency of the Sultanate of Oman. It is an independent legal entity fully owned by the Government of Oman. At present, ECGA provides a range of facilities which include the following services: export credit insurance, domestic credit insurance, post shipment financing through commercial bank and pre shipment credit guarantee.

The Export-Import Bank of Malaysia Berhad (EXIM Bank) was incorporated on August 29, 1995 and is wholly-owned by the Government of Malaysia. Exim Bank’s role is to provide credit facilities to finance and support exports and imports of goods, services and overseas projects with emphasis on non-traditional markets After its merger with Malaysia Export Credit Insurance Berhad in 2005, today EXIM Bank also offers export credit insurance services, overseas investment insurance and guarantee facilities.

Al Amanah Islamic Investment Bank of the Philippines is the only bank in the Philippines authorized to offer Islamic banking. It is also licensed to do both commercial and investment banking services, similar to a universal bank.

AAIIBP was created in 1990 when (then) President Corazon A. Aquino signed into law Republic Act (RA) No. 6848, otherwise known as the Charter of Al-Amanah Islamic Investment Bank of the Philippines, giving birth to the first Islamic Bank in the country, the Al-Amanah Islamic Investment Bank of the Philippines (AAIIBP). The Charter provides (primarily), “the promotion and acceleration of the socio-economic development of the Autonomous Region by performing banking, financing and participation in agricultural, commercial and industrial ventures based on the Islamic concept of banking.

On November 14, 2007, the state-owned Development Bank of the Philippines (DBP) completed its buyout of a 70 percent stake in Al-Amanah Investment Bank, the country’s lone Islamic bank. The takeover deal raised the DBP’s stake in the Islamic bank to 80.