IslamicFinance.de

The Bangko Sentral ng Pilipinas (BSP) welcomes the enactment of a law putting Islamic banks under its regulation and supervision. Republic Act No. 11439 or "Act Providing for the Regulation and Organization of Islamic Banks" was signed by President Rodrigo Duterte on August 22. In the Philippines, the potential market for Islamic banking products mainly comprises the Muslims which account for about 10% of the population. The BSP noted that Islamic banking can also be attractive to non-Muslims, particularly investors who may be looking for new asset classes, instruments and products to diversify their portfolios. An Interagency Working Group on Islamic Banking and Finance has been constituted to develop a regulatory framework for Islamic banking.

According to the Hongkong and Shanghai Banking Corporation (HSBC), #Philippines infrastructure can benefit from the Islamic bond market. HSBC Philippines President Wick Veloso stated that Islamic finance can be a good infrastructure investment vehicle for developing economies such as the Philippines. Earlier this year, Finance Secretary Carlos Dominguez III said the government plans to venture into the panda bond market and Sukuk debt papers. The Philippines intends to spend over P8 trillion on infrastructure and the bulk will be financed through tax revenue. For its part, the cental bank is advocating for the Islamic Banking Act which will effectively allow Islamic Banks to function.

According to a statement by a panelist at the 5th World Social Forum on Migration (WSFM) held November 26 to 30, migrant Filipino workers need concerned groups to take action instead of just talk on conferences. Regional representative of worker union Building and Woodworkers International - Ambet Yuson - pointed out that specific programs and following actions are necessary for the migrants and their families. He claims that the key to solving the problem is mobilization. Specific programs addressing issues like trafficking, job safety, and security of workers must be developed and turned into action.

The Philippine Stock Exchange (PSE) tags Sharia-compliant companies in the bourse to attract more funds and, this way, to become part of the trillion-dollar investments of Muslims worldwide. Since investors from Mindanao have preferences regarding investment favouring Indonesia and Malaysia, the company is making a list. Hans Sicat, president of PSE, pointed out that investors' money amounting to more than trillion dollars could be going into Sharia-compliant companies. According to expectations, the list is to be released next year.