The first modern experiment in Islamic banking was undertaken in Egypt undercover, without projecting an Islamic image, for fear of being seen as a manifestation of Islamic fundamentalism which was anathema for the political regime. The pioneering effort, led by Ahmad El Najjar, took the form of a profit-sharing based savings bank in the Egyptian city of Mit Ghamr in 1963. This experiment lasted until 1967 (Ready 198l), when nine banks existed at the time of this type. in the country. These banks, which neither charged nor paid interest, invested primarily by engaging in trade and industry, either directly or in collaboration with others, and shared the profits with their depositors (Siddiqi 1988). Therefore, they essentially functioned as savings investment institutions rather than commercial banks. Nasir Social Bank, founded in Egypt in 1971, was declared an interest-free commercial bank, although its charter made no reference to Islam or Shariah (Islamic law). The IDB was founded in 1974 by the Organization of Islamic Countries (OIC). , but it was primarily an intergovernmental bank aimed at providing funds for development projects in member countries. The IDB provides fee-based financial services and profit-sharing financial assistance to member countries. The IDB's operations are interest-free and explicitly based on Shariah principles. In the 1970s, changes occurred in the political climate of many Muslim countries, such that there was no longer a strong need to create hidden Islamic financial institutions. Numerous Islamic banks have emerged in the Middle East, both in letter and in spirit, for example Dubai Islamic Bank (1975), Faisal Islamic Bank of Sudan (1977), Faisal Islamic Bank of Egypt (1977), and Bahrain Islamic Bank (1979), just to name a few. The Asia-Pacific region was not unaware of the winds of change. Philippine Amanah Bank (PAB) was established in 1973 by presidential decree as a specialized banking institution without reference to its Islamic character in the bank's charter. The establishment of the PAB was a response by the Philippine government to the Muslim rebellion in the south, designed to meet the particular banking needs of the Muslim community. However, the PAB's primary task was to assist rehabilitation and reconstruction in Mindanao, Sulu, and Palawan in the south (Mastura 1988). PAB has eight branches located in major cities in the southern Muslim provinces, including one in Makati (Metro Manila), in addition to its headquarters located in Zamboanga City in Mindanao.