The Bangko Sentral ng Pilipinas is leading strong multisectoral efforts to usher in the development of Islamic banking and finance in the Philippines.
Other institutional members include Financial Reporting Standards Council, National Commission on Muslim Filipinos, Bangsamoro Government; Auditing and Assurance Standard Council and Asian Development Bank. The collegial body is also working on policy initiatives meant to support the growth of Islamic finance.
While IFCF was constituted only in August 2022, an interagency technical working group on Islamic banking composed mainly of the same government institutions forming the IFCF worked on the maiden policies in support of Islamic banking and finance. The BSP issued two circulars in December 2019 that laid out the implementing rules and regulations of the said law, solidifying efforts to create a flexible regulatory environment that encourages Islamic banking investments. Circular No. 1069 specifies the licensing requirements for the establishment of Islamic banks and Islamic banking units, while Circular No. 1070 details the Shari’ah Governance Framework for such institutions.
Other efforts toward the development of Islamic banking and finance in the country include that of the Philippine Economic Zone Authority, which signed a Memorandum of Understanding with the BSP for the promotion of Shari’ah-compliant banking and finance through the establishment of green ecozones and halal hubs, among others.
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