THE Department of Justice has declared that there is no legal impediment on the plan of the Department of Finance to issue other Islamic financing instruments to broaden investors’ participation in the market.
“The Secretary and the DOF are given broad powers to find creative ways to tap other markets, and broaden the country’s investor base, and the issuance of Sukuk is a valid exercise of such power,” it added. Ijarah is commonly known as sale and leaseback financing structure, which involves the sale of a tangible and unencumbered asset owned by the Republic that is then leased back to the Republic for its use.The revenue stream that will come from rental payments to be paid by the lessee will represent the “interest” or earnings of the financing transaction.
The Wakalak structure, according to the DOF, has seen a steady growth in use due to its flexibility in asset type, often being used by sovereign issuers such as Malaysia and Indonesia. “As such, from a pricing perspective, outstanding ROPs are expected to be used as benchmark and possibly achieve pricing parity between ROPs and Sukuk,” the DOF said.IN upholding the legality of the DOF’s position, the DOJ noted that Republic Act 11439 does not prohibit the use of Sukuk structures by the government or private entities as long as they are Shari’ah compliant.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DOJ says DOF legally empowered to enter into Sukuk instruments for Islamic financingThe Department of Justice (DOJ) said the Department of Finance (DOF) is legally empowered to issue Shari’ah compliant financing instruments called Sukuk, particularly Ijarah and Wakalah structures, to make the Philippines appealing to Islamic investments. Ask mo si Camille Villar Kung natuloy ba yon house and lot raffle nya para sa mga Laspiñas residence nag pa vaccines noon. Hahaha Pretty informative communication. If it works for the community and government then, of course, I wish you well. Bless you.
Source: manilabulletin - 🏆 25. / 51 Read more »
Bolsonaro's ex-justice minister Torres arrested in Brazilian capitalBrazilian police find a draft decree in the home of Torres, which they say appears to be a proposal to interfere in the result of the October election that Bolsonaro lost to Luiz Inacio Lula da Silva.
Source: rapplerdotcom - 🏆 4. / 86 Read more »
CHR lauds gov’t’s re-affirmed commitment to dispense ‘swift, fair justice’ to all FilipinosThe Commission on Human Rights (CHR) has lauded the government’s re-affirmed commitment to dispense justice swiftly and fairly to all Filipinos.
Source: manilabulletin - 🏆 25. / 51 Read more »
Philippines detects 128 new Omicron subvariant casesThe Philippines detected 128 new Omicron subvariant cases, according to the Department of Health (DOH). May investigation sa vaccine versua the new variant. Just saying
Source: gmanews - 🏆 11. / 68 Read more »
DA determining if trend of high egg prices will continueThe Department of Agriculture (DA) is determining whether the trend of rising egg prices will continue. dzbb PWEDI BA..WALA NG MAGANDANG NAGAWA ANG PBBM ADMINISTRATION KUNG GANYAN LAGI
Source: gmanews - 🏆 11. / 68 Read more »
Solon wants Arabic taught in all elementary schools | BusinessMirrorA LAWMAKER pitches for the inclusion of Arabic and Islamic-values learning in public and private elementary schools’ curriculum outside the Bangsamoro Region. Sen. Sherwin Gatchalian filed Senate Bill 382, or the Arabic Language and Islamic Values Education (ALIVE) Act, last year to provide Muslim-Filipino students the appropriate and relevant educational opportunities,…
Source: BusinessMirror - 🏆 19. / 59 Read more »