56 ng Pilipinas, encourage the establishment in the autonomous region of: (a) Banks and financial institutions and their branches; and (b) Off-shore banking units of foreign banks. SEC. 29. Islamic Banks. – The Bangko Sentral ng Pilipinas shall establish an Islamic Bank and authorize the establishment of its branches in the autonomous region. The members of the board of directors or trustees of the Islamic Bank shall be appointed by the President upon recommendation of the Regional Governor. The persons recommended by the Regional Governor shall possess educational qualifications and sufficient experience in the management and operation of Islamic banking and shall be subject to confirmation by the Regional Assembly before they are recommended to the President. The board of directors or trustees of the bank shall elect from among their members the chair, the vice chair and the president of the bank. Other bank officials and employees shall be appointed by the president of the bank. SEC. 30. Bangko Sentral Regional Bank. – The Bangko Sentral ng Pilipinas shall establish a Bangko Sentral Regional Bank with full banking services in the capital city or any suitable municipality in the autonomous region within one (1) year from the approval of this Organic Act. The Regional Governor shall submit a list of qualified persons to the appropriate Bangko Sentral authority from which the staff of the regional office may be chosen. The rights of the Bangko Sentral personnel who are occupying positions in the Bangko Sentral Regional Office as of the date of the approval of this Organic Act to continue as such shall be respected. SEC. 31. Barter and Counter-Trade. – Subject to existing laws, the Regional Government shall regulate traditional barter trade and counter-trade with Indonesia, Malaysia, or Brunei. The goods or items that are bartered or counter-traded with the said