The Philippine Economic Zone Authority Discusses Islamic Financing Opportunities Supported by a Sound Regulatory Framework

At its first monthly ‘Global Biz’ forum held on the 24th of February 2021, the Philippine Economic Zone Authority (PEZA), discussed opportunities of developing Islamic finance and banking in the Philippines. According to the Executive Vice President of Bangko Sentral ng Pilipinas (BSP), Attorney Noel P Tianela, Islamic banking systems should be built and structured around principles that would create greater financial stability within the economy.

Why it matters?

The BSP has started to develop a comprehensive regulatory framework that works towards creating a balanced platform for Shariah-compliant banks to compete with the conventional banking system. Using this framework, demand for Shariah-compliant financial products in the Philippine...