IslamicFinance.de

The central bank of the Phillipines has issued regulations to kickstart the implementation of Islamic banking in the country. Special emphasis is on bringing banking services to the underserved areas of Muslim Mindanao.
The Bangko Sentral ng Pilipinas (BSP) adopted the regulations with supplementary requirements relevant to Islamic banking operations and Shari’ah compliance. The law was signed into law on August 22, 2019 and became effective on September 15, 2019. It provides the BSP with the legal authority to issue a broader set of rules and regulations on Islamic banking.

The International Halal Integrity Alliance has begun its work on guidelines relating to the use of sharia-compliant pharmaceuticals, finance and processed food which would be completed by the end of the year.
Cief executive officer Darhim Hashim said that seven other standars, that include the regulation of sharia-compliant restaurants, cosmetics, lab testing and animal slaughtering, were elaborated.
Members from the alliance are from Europe, India, the Phillipines, Cambodia and Australia.