, Philippines

Foreign Islamic banks may soon be able to set up shop in the Philippines

A bill seeking to organise such lenders has passed committee level.

Islamic banking is gaining momentum in the Philippines after a bill seeking to organise and regulate Islamic banks has made it through the committee level at the House of Representatives, according to a report by state news agency PNA. 

Under Republic Act 7721, the central bank’s Monetary Board may authorise the establishment of Islamic banks which is defined as a banking business whose business transactions are in accordance with Shariáh principles and do not involve interest (riba) which is prohibited by laws.

It may also authorise conventional banks to engage in Islamic banking arrangements through a designated Islamic banking unit within the bank.

Foreign Islamic banks can also establish banking operations in the Philippines.

Around 6.01% of the Philippines' total population are Muslims with the southernmost island group of Mindanao home to the majority or around 93% of Filipino Muslims. 

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Event News

Event News

BDO Capital Named as PH’s Corporate and Investment Bank of the Year for 5 Consecutive Years Co-Written / Partner
BDO Capital & Investment Corporation (BDO Capital) has been recognized as the country’s Corporate and Investment Bank of the year for the 5th straight year at the Asian Banking & Finance Awards. BDO Capital’s remarkable achievement is a testament to its consistent excellence in delivering best-in-class investment banking services across various product lines in the Philippine capital markets.