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BSP Encourages Greater Development of Islamic Banking

01 April 2021: BSP Encourages Greater Development of Islamic Banking

The BSP is proactively approaching local and foreign lenders to ascertain whether they are interested in establishing Islamic banking units.

The BSP (Bangko Sentral ng Pilipinas) is seeking to attract more lenders to participate in the Islamic banking industry in the Philippines, according to local media reports.

Last January, the central bank released rules on Islamic banking after a law intending to regulate the sector was passed in 2019. The country however hosts only one Islamic lender – the Al Amanah Islamic Bank – which has been under the control of the Development Bank of the Philippines since 2008.

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