Bangko Sentral ng Pilipinas Governor Benjamin Diokno said the new Islamic Banking Law signed by President Rodrigo Duterte last week will unlock the full potential of Islamic financing in fostering inclusive economic growth in the country.
Republic Act 11439, or “An Act Providing for the Regulation and Organization of Islamic Banks,” was signed into law by the President on Aug. 22, 2019. It mandates the BSP to exercise regulatory powers and supervision over the operations of Islamic banks and issue the implementing rules and regulations on Islamic banking.
“R.A. No. 11439 will unlock the full potential of Islamic financing in fostering inclusive economic growth. With a well-defined regulatory framework now in place, the BSP looks forward to seeing greater participation in Islamic financing by both domestic and foreign banks,” Diokno said in a statement Friday.
“This is expected to widen opportunities for Muslim Filipinos, including those from the Bangsamoro Region, in accessing banking products and services. This is a great stride in our financial inclusion mandates,” he said.