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Monday, June 11, 2007, 04:21 PM [General] No comments have been made.

Abdel

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Gender: Male
Location: Manila, Philippines
Relationship: Married
Orientation: Straight
Children: Proud Parent
# of Kids: 4
Body Type: Average
Height: 5'7"
Religion: Muslim
Ethnicity: Asian
About Me: Chancellor, Islamic
Banking Research Institute,
Founding Chairman,Amanah
Islamic Bank, Imam, Masjid Al
Khairi Manila, Director, International
Islamic Council for Civilian
Relations, Director, Maranaw
Cultural Heritage
Music: Jass, Qur'an reading
Movies: The Ten Commandments
Books: Al Qur'an al Karim, Hadith
Al Bukhari, Hadith Muslim
Likes: writing, swimming
Dislikes: parties, merry making,
slander, character assasination,
rumor mongering, muckraking,
malicious postings
Hobbies: writing, chess playing
Vices: no vices
Virtues: religious
Heroes: no heroes, no idols, no
superstar in Islam.

1 of 5 9/13/2009 7:48 AM
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Kampac Oil M E signs MOA


with Amanah Islamic Bank

By Abdel Azish Dimapunung

Chairman and founder, Amanah Islamic Bank

The Amanah Islamic Investment Bank of the Philippines concluded its 16 th General Stockholders Meeting last
Sunday, June 3, 2007 at the Islamic Bank Alkhairi Mosque in Manila. Among other things, the meeting
confirmed, approved and ratified the Memorandum of Agreement between Kampac Oil Middle East and the
Amanah Islamic Bank.

The Agreement was signed last May 15, 2007 after some due diligence work by Kampac Oil. The due diligence
covers legal and political background check on the Amanah Islamic Bank. I have discussed part of this in my
previous blog in this website entitled “Learning from Halliburton”

http://dimapunong.sulekha.com/blog/post/2007/05/learning-from-halliburton.htm

The Kampac Oil – Islamic Bank Agreement was immediately approved by the Board of Directors of the Bank
on the day it was signed. Thereafter, it was submitted for confirmation and ratification by more than two
thirds of all common voting stocks of the Islamic Bank. In accordance with the special charter of the Islamic
Bank and it’s By Laws, this requirement has been accomplished during the bank’s 16th general shareholders
meeting last June 3, 2007. The Kampac Oil-Islamic Bank agreement calls for a majority ownership of the
bank by Kampac Oil M.E.

The Amanah Islamic Bank was founded by yours truly in 1992. Over the years it has grown into more than a
billion dollar bank. The Islamic Bank is a proponent of renewable energy, principally biodiesel and bio-ethanol.
http://dimapunong.sulekha.com/blog/post/2007/02/amanah-islamic-bank-pushes-for-renew able-energy.htm Both of
these products require the basic fossil fuel.

The Kampac Group


Kampac Oil (KOIL) http://www.kampacgroup.com is an oil company based in the city of Dubai in the United Arab
Emirates. The Kampac Group was established in 1988 by its founder, Mr. Charles Ampofo, now the chairman of the
Kampac Group. According to him, from its modest beginning, the group has seen a steady growth over the last decade.
Kampac now has 15 offices in 13 countries around the globe. These offices are located in the Ivory Coast, Nigeria,
Jordan, Greece, the United Kingdom, Las Palmas, New York, New Orleans, Syria, and Canada. Kampac has now an office
in the Philippines. Over the years Kampac has diversified into different categories of its business activities.

Charles Ampofo
Chairman, Kampac Group
Charles was here in the Philippines in the middle of May to see Her Excellency President Gloria Macapagal Arroyo. The
meeting was arranged by a top level cabinet member in the Arroyo Administration. Charles is particularly proud of having
a strong government and business relationships worldwide. “It is our strength”, he said. “Strong government
relationships gives us the edge over our peers in the industry”, he added.

Her Excellency, President Gloria Macapagal Arroyo


Ampofo’s delegation to the Philippines includes Syed Hafizullah, the young and energetic Managing Director of Simex
International FZ LLC, and a member of the Kampac group. It is engaged in metal, minerals and Trans Industrials.

Charles is coming back to the Philippines soon. According to him, he would probably be in the company of the minister of
finance of Dubai and the chairman of the Islamic Bank of Dubai, the pioneering Islamic bank of the world. They would be
coming not merely as tourists but as investors. That would be another boost to our currently booming stock market and
the flourishing economy of the Philippines under the able leadership of President Gloria Macapagal Arroyo. The confidence
of international business for President Arroyo is the topic of my previous blog http://dimapunong.sulekha.com/blog/post
/2007/05/votes-of-confidence-for-president-arroyo-and-the-philippines.htm

The international presence of the Kampac group is shown by the fact that it employs over 800 personnel from 25

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Lessons from Halliburton


Saturday, May 12, 2007, 01:40 AM [General]

3 of 5 9/13/2009 7:48 AM
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Learning from Halliburton

By Abdel Aziz Dimapunong


Founding chairman,
Amanah Islamic Bank
Chancellor, Islamic Banking Institute
In its website, Halliburton highlights its name with the word sustainability, indicating that it intends to strengthen, prolong
and maintain itself as a corporate dinosaur. It could also mean that it proclaims itself not merely as a surviving entity but
a kind that does not belong to any endangered specie. The highlight is Halliburton’s brand of facing adversity – even in the
midst of an actual war. Halliburton is presently doing business in Iraq.

Halliburton does business where others dare not go. There is money where people are running away from. Halliburton is
not merely a corporate entity. It is a suzerain in many ways, a roving planet on earth, and a corporate dinosaur. There
are many lessons from this company.

Since 1919 when it was founded, Halliburton has continued to earn the respect of everyone in business and even in
politics. It provides services through the delivery of innovative technology. It claims to have the expertise and
outstanding service quality. No matter how challenging the technology may be, Halliburton finds a way to fulfill its
promise to deliver.

Halliburton has rated its performance with a century of excellence. Its latest performance is now showing in Iraq, Nigeria
and Kuwait. It renders energy related services, engineering and managing logistics for military operations. According to
Whitley Strieber, there were allegations that Halliburton had improper dealings in these areas. Consequently, it is under
investigation by the United States Justice Department and the Securities and Exchange Commission. I have no concern
about the issues. I believe that allegations could just be politically motivated (Dick Cheney, Vice President of USA was
formerly with Halliburton) and they are often related to competition. As a student of the case method, I only wish to
learn from the way Halliburton deals with legal controversies.

How should a corporate entity deal with an investigation by a Justice Department? This is a question that is common to a
famous Halliburton and a virtually unknown bank known as the Amanah Islamic Bank of the Philippines. There is no
sensible comparison between Halliburton and the Amanah Islamic Bank - except maybe as between a mountain and a
mole or as between a dinosaur and a cockroach. That is the condition today for the Islamic Bank. But that could change
overnight if certain things could come to conclusions.

Actually, the Amanah Islamic Bank has been dubbed by the Philippine Daily Inquirer (PDI), a major daily in the Philippines,
as a cockroach bank and its officers as cockroach bankers. I made no reaction to the popular column known as
Cocktails. Later on, in a subsequent article by the columnist, he defines a cockroach bank as something that is hard to
eradicate. I would interpret that to mean that the Islamic Bank also wears the shield of sustainability.

There is then a comparison on how this giant company and this cockroach bank dealt with investigations by a Justice
Department.

Faced with an investigation, Halliburton announced last March 12, 2007, that it would open a corporate headquarters in
the United Arab Emirates, in the city of Dubai. It would move its chairman and chief executive there. A company that was
originally registered in Delaware, Halliburton will remain a US company subject to US laws. Dubai has no extradition
agreement with the United States. This means that Halliburton’s executives could not be compelled to return to the US
to testify and stand trial on issues related to any Halliburton activities under investigation. The company will also maintain
its existing corporate office in Houston, Texas, as well as its legal incorporation in the United States. It will still be subject
to domestic laws and regulations.

Those are the lessons that the Amanah Islamic Bank wishes to learn from Halliburton.

The city of Dubai


The Islamic Bank had already the experience on dealing with investigations. When faced by an investigation (on account
of malicious allegations) by the Philippines’ Justice Department in year 2001, the Amanah Islamic Bank moved its
international business office from Manila to Hong Kong. It also permanently moved its then president from Makati,
Philippines to a permanent residence in Hong Kong.

This time the cockroach bank is moving from Hong Kong to Dubai, the city of falconry, to transform itself from a
cockroach to perhaps a falcon.

Yesterday, I was invited to a dinner meeting by the Amanah Islamic Bank to cover a negotiation between itself and a
group of investment bankers based in Dubai. I was invited to provide a background on how the Islamic Bank was
organized and eventually privatized.

Dubai is a city of falconry


Dubai is a nice place. It is known to the world with its records from 1799. In 1833, the Bani Yas tribe of Abu Dhabi took
over the town of Dubai. In 1835, Dubai and other States signed a maritime truce with Britain. Then Dubai came under the
protection of the United Kingdom. The rulers of Dubai fostered trade and commerce and developed it into an important
port of call. Until the 1930s, the town was known for its pearl exports. In 1971 Dubai and other emirates formed the
United Arab Emirates.

Culture in Dubai is rooted in Islamic traditions. However, it allows foreigners to practice their own religion. The official

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