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Economic and Social Development – 2005

In 2005, the Al-Amanah Islamic Bank was the only bank in the ARMM.¹ The Regional Economic Zone Authority (REZA) was established, and the ARMM received large amounts of foreign support and grants for various socio-economic development related projects. Most of the broad reforms called for in the 1996 accord did not materialize.

1. “Islamic Banking in East Asia-Growing but not without Challenges,” Moody’s Global Banking 2008.