The Central Bank of the Philippines Supports Investment in Islamic Banking

The Central Bank of the Philippines Supports Investment in Islamic Banking

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The Bangko Sentral ng Pilipinas (BSP), the Central Bank of the Philippines, is collaborating with the Bangsamoro administration and other government organisations as part of a government strategy to stimulate investment in Islamic banking.

Why it Matters?

According to BSP Governor Benjamin Diokno, speaking at a virtual briefing on the 7th of April 2022, a complete set of regulations has been established by the Monetary authorities to foster wider investor and consumer engagement in Islamic banking. The regulations include Circular No. 1069, discussing the licensing framework, Circular No. 1070 or the Shariah Government Framework, and Circular No. 1116, which discusses liquidity risk management. The current initiatives are taken following the signing in...