The state-owned Al-Amanah Islamic Investment Bank of the Philippines (AAIIBP) has named former Budget Secretary Amenah Pangandaman as its new chair and CEO, as reported by the Manila Times.

AAIIBP announced the appointment on 10 July, describing it as the start of a new chapter for the bank’s push to strengthen Islamic banking and expand financial inclusion among Filipino Muslims.

The appointment marks Pangandaman’s return to government roles.

She resigned as Secretary of the Department of Budget and Management in November, alongside then-Executive Secretary Lucas Bersamin, after her name surfaced in connection with the flood control corruption scandal.

Resigned lawmaker Zaldy Co, former chair of the House appropriations committee, had named Pangandaman among officials he said communicated with him, alleging she relayed instructions from President Ferdinand Marcos Jr. and then-House Speaker Martin Romualdez to insert PHP 100 billion in “graft-tainted” public works funding into the 2025 national budget.

Pangandaman has denied the allegation.

AAIIBP is the Philippines’ only Islamic bank, established in 1973 and mandated to promote financial inclusion in Muslim communities, particularly in Mindanao and the Bangsamoro Autonomous Region.

The bank has held a BSP-issued electronic banking license since 2016, extending its reach through online and mobile banking beyond its physical branch network.

Pangandaman succeeds Amilbahar P. Amilasan Jr., who had served as AAIIBP’s acting chairman and CEO since earlier this year.

Featured image: Edited by Fintech News Philippines based on an image by escapejaja via Magnific.