The Arab Gulf Program for Development (AGFund) has applied for a license to operate an Islamic bank in the Philippines.Sharia only serves to make poverty situations worse, and if the Filipino government approves this, they'll only make things bad in many ways for the island.
The bank, to be called “Ibdaa Microfinance Bank,” is expected to be operational within the year.
In a primer, AGFund said the bank’s objective is to help reduce poverty in the Philippines mainly by offering business loans to low-income earners.
AGFund is a regional institution based in Saudi Arabia. It pursues a development goal for various countries, particularly those confronted with a significant poverty problem.
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Thursday, January 23, 2014
A SHARIA BANK COULD OPEN IN THE PHILIPPINES
A Muslim group is seeking Filipino government approval for opening a sharia bank on the island country:
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