But when we consider broader Mindanao, the number rises about sevenfold to 8.2 pct. This tells us, that there is an enormous potential in the Mindanao region in general, and the ARMM in particular. Challenges to Islamic finance in the Philippines At present, there is only one Islamic bank in the Philippines, the Al-Amanah Islamic Investment Bank of the Philippines.
Trust – the foundations underpinning our money That quote is taken, as I said, from Bagehot’s book Lombard Street: A Description of the Money Market, in which he also mentions the main questions facing the financial system: “Credit means that a certain confidence is given, and a certain trust reposed. Is that trust justified? And is that confidence wise? These are the cardinal questions.