The Bangko Sentral ng Pilipinas (BSP) has approved Circular No. 1070 on the Shari’ah Governance Framework (SG) for Islamic Banks (IBs) or Islamic banking units (IBUs). The SGF was issued following the passage of Republic Act No. 11439 or the Islamic Banking Act and the Guidelines on the Establishment of IBs and IBUs. The BSP…

The Bangko Sentral ng Pilipinas (BSP) has approved Circular No. 1139 on the Guidelines for Reporting Islamic Banking and Finance Transactions/Arrangements. This is a major leap forward for Islamic Finance in the Philippines as Islamic Banks (IBs) and Islamic banking units (IBUs) that are yet to be established now have regulatory guidance on the segregation,…