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(From BusinessWorld (Philippines))
Byline: Paolo Joseph L. Lising
The financial rehabilitation of debt-saddled Al Amanah Islamic Investment Bank of the Philippines has hit another snag after the bank's request for P400-million credit line from Philippine Deposit Insurance Corp. (PDIC) was denied.
The rehabilitation of the only Islamic bank in the country is aimed at making the bank profitable so that it could be attractive to buyers. The government is currently selling off assets, particularly those that are not making money. The bank is currently saddled with P7 million in bad loans and P32 million in foreclosed assets.
"The liquidity …