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Regulatory Shifts May Help Boost Islamic Banking in the Philippines

The Philippines Central Bank (BSP) has released a set of guidelines for the country’s Islamic banks and Islamic banking units (IBUs) and approved the Shari’ah Governance Framework (SGF) to ensure compliance with banking requirements as part of a push to foster Islamic finance market growth.

In a memo BSP Deputy Governor Chuchi G. Fonacier said SGF is aligned with the central bank’s corporate governance for the “resilience and stability of the financial system,” and will help ensure that the Islamic banks or IBUs adhere to Shari’ah principles.

According to Fitch Ratings’ analysis the move is a positive step towards the establishment of a cohesive Islamic finance regulatory framework in the country, but any immediate impact will be limited.

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