IslamicFinance.de

The #Philippines' House committee on banks and financial intermediaries has approved the measures that would pave the way for the expansion of Islamic banking in the country. The new House Bill amends the Philippine’s lone Islamic bank, the Al-Amanah Islamic Investment Bank to regulate and organize an expanded Islamic banking system in the Philippines. Former president Gloria Macapagal Arroyo said the enactment of the measure was very timely as this would help the country’ growth inclusive and sustainable. The consolidated proposal will make the Al-Amanah independent from the Development Bank of the Philippines, be a universal bank with initial paid up capitalization of P10 billion and will be the first in the country to fully engage in Islamic banking that can issue sukuk.

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.

Item No. 9-19 (Jolo)
Qualification Standards:
· Educational Requirement: Bachelor's degree relevant to the job;
· Experience Requirement: None required;
· Training Requirement. None required; and
· CS Eligibility: C.S. Professional; Relevant Eligibility for Second Level
· Position, e.g. RA1080/PD 907