Saudi Arabia-headquartered Arab Gulf Program for Development has applied for a license to operate an Islamic bank in the Philippines . AGFUND was established in 1980 upon the initiative of His Royal Highness, Prince Talal Bin Abdul Aziz Al Saud with the support of leaders of the Gulf Cooperation Council Countries: United Arab Emirates , Kingdom of Bahrain , Kingdom of Saudi Arabia, State of Qatar , Sultanate of Oman and the State of Kuwait . Ibdaa Microfinance Bank could be up and running this year according to the sponsors who hope to help fight poverty in the Philippines by offering a traditional Islamic finance inspired microfinance model to star tups and small businesses. "We believe the Ibdaa Microfinance Bank will be a virtual tributary to the opening of new business opportunities and integration of the poor in the financial process," said Prince Talal bin Abdul Aziz Al-Saud , founder of AGFUND at the launch event in the Philippines .
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