BARMM to Become Investment Destination for Islamic Banking in the Philippines with BSP Support: RBOI

The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) is set to become an investment hub for Islamic banking and finance, according to the Bangsamoro Regional Board of Investments (RBOI). Chief Executive Officer of the RBOI, Lawyer Ishak Mastura, stated that the RBOI has established initiatives to provide investors with fiscal and non-fiscal initiatives, which has received positive support from the Bangko Sentral ng Pilipinas (BSP).

Why it matters?

The BARMM, with a population of around four million is the only Muslim-majority region in the Philippines and hence forms the base of Islamic finance and banking operations in the country.

A statement issued by the BSP explained that BARMM’s initiatives are commendable and together with the issuance...