IslamicFinance.de

When asked about the plans of the central bank on Al-Amanah Bank, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. said they found it best to leave it to the Legislative to decide how the government will go about the planned sale, as well as on how the state will accommodate Islamic-based banking activities. BSP has led the drafting of a law amending AIIB charter and creating an Islamic banking system. The bill thereon which has been filed in the House of Representatives aims to create an expanded Islamic banking system and address constraints including the issues on taxation. Currently, Al-Amanah Bank is the first and only Islamic bank authorized to practice Islamic banking in the country.