Mr. Abdel Aziz Dimapunong

August 26, 1993 Mr. Abdel Aziz Dimapunong Chairman and Chief Executive Officer Suite 209, Amberland Plaza Julia Vargas Ave.,Ortigas Center Pasig, Metro Manila S i r : This refers to your letter of August 5, 1993 requesting confirmation that Al Amanah Islamic Investment Bank of the Philippines is an Investment Bank pursuant to its special charter, R.A. 6848 and pursuant to P.D. 129, as amended, otherwise known as the Investment Houses Law, and therefore, said Islamic Investment Bank is also governed by the Provisions of P.D. 129, as amended, and also regulated by the Securities and Exchange Commission pursuant to Section 11 of P.D. 129 and the related implementing Rules and Regulations as promulgated by the Commission, and that its directors and officers are covered by the prohibition of Section 6 of P.D. 129, as amended. It appears that subject corporation was created by virtue of a special law, R.A. 6848, otherwise known as "The Charter of the Al-Amanah Islamic Investment Bank of the Philippines." Thus, in line with the SEC ruling in Alfredo C. Gray, Sr. et al. vs. Augustine Marketing, et al., (SEC Case No. 2102 dated March 9, 1982) wherein it was held that the Commission has no jurisdiction over corporations created by special law, we regret to inform you that we cannot properly act on the issue raised in your letter as they involve interpretation of the provision of R.A. 6848, its special charter. It is therefore suggested that you refer the matter to the Department of Justice. prcd Very truly yours, (SGD.) ROSARIO N. LOPEZ Chairman