IslamicFinance.de

Reuters found out that the Philippines government wants Middle East investors to take a risk in the country's sole sharia lender and help kickstart its Islamic banking industry.
The main idea is that gulf investors have the needed capital for Al-Amanah Islamic Bank, who wants to to accelerate the socio-economic development of the Autonomous Region of Muslim Mindanao.

Eileen A. Mencias reported in Manila Standard Today on 15 April that the Philippine Government plans a USD 900 - 1000 mn 5-year sukuk through Al-Amanah Islamic Bank to provide a long-term financing package for the acquisition of the Metro Rail Transit-3 project along Edsa to replace bridge finance by the Development Bank Philippines (DBP). First Metro is teaming up with the DBP to arrange the Sukuk bonds. DBP is in the process of taking over control of Al-Amanah Islamic Bank. CIMB and Islamic Development Bank are supposed to assist in structuring.

Juanchito Dispo is executive vice president of First Metro Investment Corp.

Source: http://www.manilastandardtoday.com/?page=business2_april15_2008