“[This] 2020 will mark the start of a surge in finance and banking in Mindanao with Bangko Sentral ng Pilipinas’s approval of initial regulations implementing the new Islamic Banking Law or Republic Act 11439,” said Fortun, a member of the House Minority Bloc.
Fortun, a member of the House Committee on Banks and Financial Intermediaries said, “the BSP was swift and wise to approve the Islamic banking rules before yearend.”According to BSP Governor Ben Diokno, the law “will unlock the full potential of Islamic financing in fostering inclusive economic growth.”
Under RA 11439, Islamic banking refers to a banking business with objectives and operations that do not involve interest as prohibited by the Islamic or Shari’ah Law and which conducts its business in accordance with the principles of the Shari’ah. Fortun described the new Islamic Banking Law as “one significant legislative accomplishment for inclusive economy” during the Duterte administration.
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